Buying OWC Deals - Feedback On This One?
Not sure if this best belongs in the L/O category, but here goes:
I found a vacant home, the 80+ year old couple has moved out to live with family for the rest of their days. They own free and clear. The "catch" is that they are marketing their home through a realtor. The upside is that they are open to owner financing.
Here is what they want:
129,900 (comps show max $119,000)
minimum 10% down, and owner will carry balance at @ 7.5%.
I think that deal actually sucks - so here is what I plan on offering:
$117,000.
3% down (pay agent commission)
97% Owner note at @ $800 per month (PITI, and market rent is @ $800 or $825) no prepayment penalty. The offer would be contingent on me finding a person to L/O from me within the next 60 days for a minimum 3% down on a one year option for $124,950 and a monthly payment of $900-$925.
That is what I was thinking of doing. Any other ideas on this one? Kinda different with the realtor in the middle.
Anyone else doing a lot of OWC deals with realtors? I think it would be easy to get them to send an MLS report with the OWC deals...
Usually agents are deal-killers. By all means attempt what you are suggesting. If you pay the realtor their commission as you suggest I'd imagine they'd be okay with it, now you just have to sell it to the owners..
Ryan J. Schnabel