What do I do here? - Posted by Susan G

Posted by Jim IL on February 05, 2000 at 23:56:25:

You said the seller needs “$5 grand to relocate”?
Are you sure this is what he “needs” and not “Wants”?
If there is no equity, forget giving this guy a dime.
Make an offer to either L/O it at mortgage balance with ZERO down, or take it subkect to with ZERO down.
And, if the seller will not play ball…See ya, don’t wanna be ya…NEXT!!!
Why would you give the guy $5k for ZERO equity?
If the seller is really being transferred and relocating, then he will either come around or get used to paying the mortgage payments himself.

Just remember, if you make an offer and it is rejected, do some followup and re-submit the offer again in one month.

Have fun,
Jim IL

What do I do here? - Posted by Susan G

Posted by Susan G on February 05, 2000 at 22:58:39:


I am just about through with my Carleton Sheets course and from reading some of the great posts here I know I have come to the right place for help. I have an owner that has a house that he just bough in Sept 1999 and wants to sell it on a lease option. With no equity would it be smarter to take it on a L/O or should I try for subject to? Carleton didn’t say much about subject to deals and I was wondering which would be better. Please help! I need to get back with him in the morning. II told him I had to speak with my attorney (That’s you guys) he he! As far as a second course of study goes Whats a good second one?

Susan_MN newbie

Re: What do I do here? - Posted by Chris

Posted by Chris on February 05, 2000 at 23:20:02:


What are you doing with the property? Living in it, reselling it, sandwich lease/optioning, renting it out?

What is the seller willing to do? What closing costs will he be willing to pay if you buy? Is the seller an investor or was he the owner/occupant? If he is the owner/occupant why is he selling so quickly? Is there any equity? What did the seller tell you he needs?

Put some more detail up to help with answering your question.


Heres the details - Posted by Susan G

Posted by Susan G on February 05, 2000 at 23:29:49:

I will be lease optioning it back out, or selling with me providing the financing. Owner is owner occupant. Selling because they are relocating. No equity. Seller needs 5 Grand to move on.
Thanks so much!


Re: Heres the details - Posted by Chris

Posted by Chris on February 06, 2000 at 24:11:09:

Somebody posted a great quote sometime ago that you should remember:

“Look for motivated sellers, not houses.”

Jim said it all with his response. Paying $5K more than a property is worth really narrows your exit strategy.