House In SE PDX
I got a phone call from motivated seller yesterday. She is moving out of state. She leaves for NYC on 9 of July. The house is current on payments. Here are the numbers:
Want To Sell In: by 7/9/04
Have Owned The Home For: 10 years
Selling The Home Because: moving out of state
Is It Listed With Realtor: no
single family house
Number Of Bedrooms: 6 with a bonus room used as a 7th bedroom (5 bedrooms plus 2 in the basement)
Number Of Bathrooms: 3
SQ. FT.:3200
Does The Home Needs Repairs: needs painted on the outside
Estimated Value Of The Home Is: 375,000
Arrived At The Estimated Value By A: comparables
Asking Price Is: 368,900
The Total Mortgage Balance Is: 292,000
The Total Monthly Payment Is: 1900
Are The Payments Current:yes
Description Of Payments In Arrears: none
The Balance Of The First Mortgage Is: 262,000 @ 6%
The Payment On The First Mortgage Is: 1588.00
Is The Mortgage Assumable: no
The Balance Of The Second Mortgage Is: 30,000
The Interest Rate On The Second Mortgage Is: 9 something
The Payment On The Second Mortgage Is: apx 350.00
Is The Second Mortgage Assumable: no
Are There Any Other Mortgages Or Liens:no
Will You Sell The Home For The Balance Of Mortgage:no
The Least You Would Accept For Your Equity Is: 65k
Would You Consider Owner Financing:yes
What Is The Lowest Down Payment You Would Consider: don't know
Would You Consider A Lease-Option: don't think so
Total tax value $227K
The taxes are $3,336
Comps in the area go anywhere from 240K to 420K. There is not much to compare to because this is 'the bigest house on the block'. Most comps are 4 bedroom and 2 bathroom.
I made an offer today for 310K assuming that the info she provided is 100% correct. She said no.
Any comments or suggestions.[ Edited by tomazas on Date 06/16/2004 ]
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