What can I do with this prop/owner? - Posted by JB in MD

Posted by JB in MD on June 02, 2000 at 08:22:20:


What can I do with this prop/owner? - Posted by JB in MD

Posted by JB in MD on June 01, 2000 at 16:36:46:

Hi all,

I have found a 1942 Cape Cod 3small/1 in a nice town in my area. The transfer value in 1987 was 91k. The lady who owns it lived in it for a while, then rented it out for the past few years. She now is selling FSBO. When I called on it probably 2.5 to 3 months ago she wanted 146k. There have been only minor improvements from what I can see. I asked her at the time why she had not listed with an RE agent. She bluntly stated that the market was so hot that she did not need one, and that she had six people lined up to see it that weekend. She was sure she would have a contract that weekend. Like I said that was 2.5 to 3 months ago. I did not bother going by because I felt it was way overpriced, and apparently I was right. OCTitle says that the average comp in the area is 132k. I would imagine thought that that is for a property in good repair and that had been updated. This place really needs to be modernized, and is really on the small side to boot. She has come down to 139.5k, maybe she thought it would be good to be under the 140k price point, but that was at least a month ago and still it sits. How long do I wait before contacting her again, and what would be my strategy? I’m not sure that it would be a good L/O / Owner financing candidate because of the age. It wouldn’t be a good flip because it doesn’t need enough work to warrant a big discount. She is not in foreclosure, although she may be getting tired of paying every month. Maybe subject to? She obviously wants more than the place is worth. Is there a deal here that I am missing? I ride by this place every day at least once (on my way to or from my current JOB) and think maybe there is something I could do with it.

Guidance, please!


Re: What can I do with this prop/owner? - Posted by Laure

Posted by Laure on June 03, 2000 at 09:26:13:

Sometimes, I just ask the seller. “what do you NEED to move out of this deal”. Many times they NEED less than the full enchilada.

Laure :slight_smile:

Motivated seller… - Posted by B.L.Renfrow

Posted by B.L.Renfrow on June 02, 2000 at 07:51:58:

…or just an unreasonable one? Only one way to find out: go have a talk with her. With the property sitting for 3 months, she may indeed be willing to listen to a lower offer.

Also, I wouldn’t be so quick to rule out a L/O because of the age of the property. L/O tenant/buyers are typically attracted to the financing more than the property itself.

Go sit down with the seller over a cup of coffee at her kitchen table, and keep asking questions until you figure out what her NEEDS are. Then, go home and think about it if you have to, or post the details here, and decide how to structure an offer which would meet her needs and make a deal for you. And if you can’t come to terms, just phone her, send a postcard or stop by every month or so while the property remains unsold. If she is truly motivated, you’ll know soon enough.

Brian (NY)