Woking On A Possible Deal
I received a call yesterday on my ad in the local newspaper. Upon questioning, the seller said she would talk to her husband about L/O. She originally said she wanted cash but said they would talk about a L/O. I told her I would guarantee payments and maintenance. She is asking 134,900 originally asking 148,000. It is currently listed with a real estate agent. The listing expires June 2nd. They owe something like 109,000. The house is in good shape.
I haven't talked to them about a down payment or any of the nitty gritty details yet. I just don't know what to do about the Listing agent, and I am unsure as to how much money I should offer as Option consideration. I am also unsure as to whether I can wait to give them the consideration until I get a buyer in the house?
Any Help would be much appreciated.
Ryan
A much simpler way to do this deal is to buy it on land contract. Make a down payment equal to the real estate commission and the realtor will help you sell the deal.
However, what is the sellers motivation? Why are they selling? Do they need cash now? Do they need to be off the paper?
If a real estate broker hasn't been able to find a buyer for this house what makes you think you can?
Last night I was thinking this over and I thought of another possible offer I could make if they are motivated enough.
Their motivation is simple.
They bought a bigger house because their family outgrew this one and now they have double payments.
The only reason I think I could attract a buyer is that I would be offering terms instead of just asking for cash. (ie lease purchase or contract for deed.)
The other offer I thought of making them is to have them refinance for the purchase price. I would then buy the house on contract for deed. This would give them their cash, give me some terms to work with, and get the house off their hands. Do you have any experience with anything of this nature? or any thoughts concerning this offer?
Thanks
Ryan
Hope it's not the Looby house on Junction St........I need a place to stay in August!!!!!!!!!!!! LOL :-D
I personally prefer to purchase houses sub2 rather than on land contract because you get the deed now.
My experiences with land contracts is that the seller is taken out of their bad situation from you but then they get harder and harder to work with. They start not following on your contract agreement and it is very difficult to finally close with a deed because of all the conflicts.
Would you just propose that you take over payments on their loan. What do you do to answer objections about credit and whether you will pay?
Ryan