Trouble making win/win deal using RE agent - Posted by KathyE
Posted by KathyE on October 26, 1998 at 11:35:16:
I’m working on a potential buy on a tri-plex. Rather than use equity in another property I own for the 30% appraised value the bank requires, I would like to make an offer to the seller in creative terms. I found the property from, and looked at it with my own broker, but he either doesn’t have, or won’t release information on the seller’s situation. To be fair to the broker, the seller probably does’t reveal their finances to the lising agency anyway.
It is advertised Cash, FHA, VA, etc., but if the seller actually has some equity in the property, I would like to ask them to hold the second mortgage, instead of the bank.
Also, the income/expenses revealed are vague. I know I can make a contingency on viewing Sch.E, etc., but would be helpful knowing more specifics before I waste more time on this.
I have the out-of-state owner’s name and address from the property tax statement I obtained from the Court House. I don’t suppose it would be ethical for me to contact them to answer all my question the real estate agent does’nt have?? I imagine since they listed the property this would not be acceptable.
I would appreciate any suggestions. This is truly one I would hate to let go, but need a better cash flow than I project. I cannot see a solution unless I have more info.