Bill Of Sale
I am negotiating with the home owner regarding the amount of the Bill of Sale? I am trying to settle on $10,000. Will this high of an amount raise red flags? I think that we can come up with enough stuff to support it. What is the highest amount anyone is comfortable with? The homeowner is pushing for a higher amount.
Hi Sydney,
If this is a short sale that you are completing, that Bill of Sale is definately going to raise some reds flags somewhere.
If this is a straight preforeclosure, give them whatever amount that you can live with and still make the deal work!
Best of Success!
BAMZ
BAMZ,
Yes, it is a Short Sale. In reading through some past messages this is how it was recommended to deal with it. Are you saying that this is not a good way to handle it? He actually has contents of his house that he wants to sell me as he is downsizing so he could come up with $5,000 or $10,000 worth of goods.
Hi Sydney,
Why does the owner feel that they are due a large sum of money. If there is a large amount of equity in the property and they want some of it, then there is no need, and probably no chance of shorting it.
If the property is over financed, needs a lot of work, or the owners wants that amount of money 'just because', I would pass on the property.
When I locate a property, and the only way to have a sound profit in it is to short it, I may throw the homeowner $500-$1000, but thats it. I was able to help them fix their problem, and because of my specialized knowledge, I will look forward to a large paycheck.
I'm not sure of your particular situation, but if I have a seller who is troublesome or has unreasonable request in the beginning, then they will be that way all of the way through. It is better (for me), to leave crumbs for some other investor to play with, and I move forward with more serious and motivated homeowners.
Best of Success!
BAMZ