Deal Of A Lifetime
Given:
gorgeous house on a golf course
ARV 649,900
seller is asking loan balance 520,000
actually repairs are about 5000 (replace couple of windows)
House is LISTED now, listing expires in 3 weeks.
Question:
How to market that kind of houses (gated community)? Should i ask for option/lease option (of course, no monthly payments from my side).
Tried to get the deed, did not work out 
Besides that they NEED to SELL by the end of june or they file foreclosure.
Thinking to offer:
1. wait till they get more motivated and ask for a deed closer to june
2. get an option from them, when they relist, but ask to exclude me from REALTOR`s agreement
Any advice is appreciated
I personally would ask for an option. I recently did this with a golfcourse townhouse. However, do to some stupid mistakes on my part, the seller sold the house...I am sure it was one of my leads since he didn't even have an ad in the paper. I didn't have any language in the contract specifying that I should get certain consideration if the seller sells to one of my buyers. My biggest problem was that I just telling the prospects to drive by the property then call me when they wanted to get inside. I think what happened is that they got there and saw his sign and called the number there. So, be careful with that.
good luck
Ryan
One possible option available to you, is to hold an auction for the property. You hire a REAL auctioneer, do the advertising yourself (to save some costs) and make sure you have a reserve bid.
Don't forget to have the correct documentation indicating the amount you agree to pay the seller. You get to keep the difference. (The buyer pays the auctioneer btw).
If it doesn't sell, then the worst you are out is the advertising. Small risk vs. Big return.
Good Luck
C
Why not make out a purchase agreement, giving you 60 to 90 days to close, contingent on acceptance by your investors?(If they are facing foreclosure now, what is it going to take to get them more motivated?) If you do the purchase agreement, then you control the property for that length of time, and sell it, and make some money!
I would write out an agreement with the seller for X amount of dollars and get a relaese to talk with their lender. Negotiate a short sale with the bank giving you up until the auction or longer to find another investor. Get them as low as you can on the short sale and make sure you have outs in the agreement with your seller if you don't find a buyer. If their is room for profit, give it to an agent and cut out some of your profits with the commission. I would always give the property to an agent if I knew I was making money. However, you will have to do DOUBLE CLOSING and a lawyer or title company that is willing to do that.
IBN,
So tell me what you think it is about this that makes it the deal of a lifetime. Its a high priced house in a nice neighborhood priced at no more than 20% under value. Given that its been listed with a broker and hasn't sold its probably closer to 10% under value (i.e. value is more like $570K than $650K or it would have sold.)
So what makes it the deal of a lifetime, I suspect, is that its a neighborhood you'd like to be living in. Stop thinking about such things and look at the numbers. Your own excitement is getting in the way.
How did you "try to get the deed"? What were the terms of your offer? The guy who lives in a half-million dollar house is not going to give up title on a half-baked plan. He wants to see how he gets away from that note.
Waiting til June is not going to convince this guy you've got your act together. He suspects (as do I) that you are playing out of your league.
If you're sure there's $150,000 in equity here go get yourself a partner who can get a $500,000 loan. Or get pre-qualified for one yourself and walk in with a committment letter subject to an appraisal.