Posted by J. Monroe on January 24, 2000 at 11:00:25:
Thanks for you response, Chris. I want to buy the property at a discount since she is in a “distressed situation” and “flip” to an investor. And no, there’s no repair work to be done. I am looking to get financing from either a mortgage broker or private lender and pay cash - a Quick Close to get the discount. But she is not bulging on her equity ‘cus $6K will go to pay for roof work (she had done three yrs. ago)once she sells to someone else and 6 or 7% to the selling realtor as commission.
Really Chris, between you and me, it would seem like she would be more motivated given her situation. But she is holding on.
Please help! If I buy at too high a price - cash, it would be a lil’ more difficult to flip it and make any decent profit for my effort. Thanks again!
Posted by J. Monroe on January 24, 2000 at 08:37:36:
I have come across a property in my area which is up for sale. Its market value is $91K and the seller wants $84K. The mortgage balance is $57K. So the seller’s equity is $27K and she wants all cash. She will not consider seller’s financing, no lease option or rent.
Here is her situation. She is paying the note on the said property (about $575/month)and also paying part of the mortgage on the house she and her husband currently live in. He doesn’t want to have anything to do with the house she is selling for whatever reason. The house, for sale, has had some work done on it and is currently vacant.
Please help! This could be my first deal and I really don’t want to miss out on it. What offers should I make on her house that would be a win/win deal for both of us?
If you can close quickly and give all cash how much does the seller need for the equity? This seller does not sound too motivated so that will limit your options here. If you could take over the seller’s payments would that be acceptable to them?