I Need Your Opinion, Sorry It's Long.
Last month I purchased a home at a trustee sale in my area. The old owners still reside there. After I contacted my attorney to start the eviction process, the old owners called and wanted to repurchase the property back from me. I told them I would be willing to sell the property to anybody for x dollars. I continued with the eviction. Last Friday the old owners called again and stated they found a lender who would loan the money to them for the property, however they would not receive that money til the end of July, and as in good faith they would give me 1k to stay in property til the end of july. After talking it over i agreed, I now have them under contract , plus there 1k (which DOES NOT apply to their purchase price). they also know on August 1st, if they dont have the cash to repurchase, the paper work for eviction will be filed on that day. what's your opinion?
Well I am new and all but it sounds like you have a potential anxious buyer on your hands. Even if they are the previous owners. I would consider the fact that you don't have to do too much for the sale, buyer, lender and even an extra grand. Do you stand to profit from the sale after all is said and done (not including the 1k)? if so then I would put the $ you already have away to cover expenses should they fold ie,( mortgage for the next 2 months at least) I believe I would go for the ride at least until the end of July but prepare myself for circumstances that would allow me to resell later or what ever your plans were before your purchase. Put your ducks in a row on both aspects I guess.
Did I just say that wow iI must have been paying some kind of attention somewhere! But please correct me as I am learning as well I need to ..
with the price i have under contract I would make $15K + the 1k he is paying for the month of july. I think this is good money. I really didn't have to do anything to make this deal happen, except bid on the house, and win.
[ Edited by Wingnut on Date 07/03/2003 ]
Sounds pretty good. Work out the closing costs so that they don't eat up your profits. Stay firm as they very well may not be able to produce. Good work.