Posted by Steve-Atl on January 28, 2000 at 12:20:29:
I would try to find our if there is any existing financing on any of the properties. So what if any existing financing is not assumable, just do it “subject to”. If the seller has much equity see if the seller was willing to finance all or part of it.
The realtor may be resistant so you’ve got be ready to show the realtor how the seller will get enough cash to pay the commission.
If the lady is facing bankruptcy she may be more concerned about debt relief than cash. If see needs all cash, I probably would not do it.
What would you suggest I do next? - Posted by John Lowry
Posted by John Lowry on January 28, 2000 at 12:04:02:
OK, here it goes… Talked to a Realtor yesterday, in our conversation about comps in certain areas of town, he told me of a lady that is going to list some properties with him. He said she needs to sell out before having to file BK. Quick and simple:
26th and Arline 3bd 2 bt. Newer updates. No need for
repairs. Currently rented for 400 a month. The tennant
has been there for several years and is an older
responsible person. Asking 22,000, was clearly told
she will take less. Comps in that area are 20,000 to
26,500.
11th and Terrace 3 bd 2 bt. 2 story needs a little fix
up. Currently rented for 400 a month. This tennant has
also been here for quite a while. 22,000, told a again
seller would take less. Comps in that area are 30,000
40,000.
600 block of Dayton. The Realtor told me she didn’t
even want to list this one. He had no description for
me. He called it an “open door”. She would take 8,000
or best offer. He basically said it was a dump. Comps
in that area are 19,500 to 27,500.
He told me she is ready to let all of her properties go. She has a couple of others that he didn’t have the figures on. I feel like there might be a possible deal here somewhere. Maybe a flip, maybe a L/O. I don’t know that’s why I asked you folks out there.
Sounds like Phil Fernandez’s description of throwing mud on a wall hopeing it sticks. Anyway…if they are not listed yet go find the owner and talk to HER, not someone trying to get a listing by bringing her a buyer. Do comps, if there is a deal there, tye them up and go from there. If you want to flip them, email me.