What would you offer?..Here are the details - Posted by Courtney
Posted by Courtney on October 17, 2003 at 07:26:28:
I think I can get them down to 99,900. 2 year term at most, but their payments are $850/mo, which is about what the rental market can bear. They want 3k down, but I’m gonna shoot for about 1k down which I’ll get from tennant buyer, and the area is appreciating at 5%. They owe 70k. They are investors who bought the house did some fix in up and now they own 3 places, plus building a new house, and this has been vacant for a few months.
I think I might even be able to get a rent credit of $300 out of the $850.
Sooooo, this is how the deal sits right now.
Purchase price $99,900
1-3k to owner (it’s listed through a realtor, and he want part of his commish)
$850/mo rent ( The most I could probably get on a positive cash flow is another $50-$100/mo.
2 year option at a resale price of $$114,900- 119,900
Does this make sense or should I try to low ball them on price with the same terms like $90k and I can always work up?
Does this deal even make sense or should I walk?