Posted by Al D on May 16, 2000 at 11:51:46:
Thanks for the reply. Your thoughts are correct. I have not made a deal yet and looking at the numbers is what made me post this question. I personally didn’t see a deal here because of the $16K difference in comps. I just thought that maybe you or someone else could see something that I may have missed. I appreciate your reply. I failed to mention that the guy who sold this house to this person had just purchased this house in April of this year. He paid $91,800.00 for the thing! He got the deal. Then he sells to this person who had bad credit for actually $114,703.20. I would imagine because of the age of this person and the lack of Real Estate knowledge and by not going through a lending institute that this person had no clue of what comps were and was overly anxious to buy there own house that the deal happened! . Would I be correct by this assumption?
Anyway Ed, my concern now is this:
How do I tell a seller who calls me and says “I see you buy houses and close quickly” why will you not buy mine? Do I just show them that they are over financed (in a polite way of course) through the comps and give them an offer like a straight option, where I may find someone who will pay the crazy price and I would have virtually no risk, or should I just simply pass and take my next caller?