How Do I Approach A Seller.....
That I already have a contract with to buy a house, but I'm not sure if I can wholesale that contract out to another investor because of the numbers.
I'm going to try to look for buyers in my next reia meeting and if that flops out, I'd like to suggest to my seller that my buyers and my financing arent too comfortable with a single bedroom house (Though its in good shape) becuase of value concerns as well as resale-ability. and then tell her that I have one more possible solution to take care of her problem would be to sign an "agreement for deed" with her and put the deed into an escrow account incase anything should happen to her, (a.k.a. car crash or alien abduction 
)
anyhoo, is this a good approach, or can I do something better in this situation. Here are the numbers on this house
Comps out for: $52,000
She owes: $32,000
Under contract for: $32,500
Repairs as follows: Basement pipes need insulating, standard paint and carpet, and bathroom needs some attention. Other than that, it's in good condition
I would like to buy it on terms for what she owes, or maybe a little more like 35k and then L/O it out for 45k with 1-2k as an option deposit.
Sound solid?
Joe:
Find another deal! Will be very hard to lease option a 1br. . Maybe you can find a retail buyer to pass it on to for a couple grand. Tie it up and put an ad in the paper. See what happens.
Best Regards,
Jeff Adam
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"Capture Motivated Sellers Automatically"[ Edited by JeffreyAdam on Date 12/10/2004 ]
Ditto.
Comps on 1 bds are a bit shaky as a 1bdrm is more of a "niche" buyer. There would have to be something more beneficial to make the property attractive. A nice 2 car heated garage would make it a perfect "bachelor pad" or something. Find something else unique or important that it has, and focus on that.
Quote:
On 2004-12-10 01:53, JeffreyAdam wrote:
Joe:
Find another deal! Will be very hard to lease option a 1br. . Maybe you can find a retail buyer to pass it on to for a couple grand. Tie it up and put an ad in the paper. See what happens.
Best Regards,
Jeff Adam
_________________
"Capture Motivated Sellers Automatically"
<font size=-1>[ Edited by JeffreyAdam on Date 12/10/2004 ]</font>