Motivated Seller In Need Of Help....
Hello all...
I had a motivated seller contact me this morning with what sounds like a potentially good deal.
The sellers mother is moving into an apartment after her husbands passing and needs to sell her home. The seller tells me that at the minimum, it is a duplex, but it does have potential for an added studio apartment or could be
opened up for one large home. She also says that It is in need of a great deal of repair as her father was ill for 10 years and not much was done to it.
BUT, Due to a very dire financial situation, she(the mother) needs a set amount to get out from under the mortgage and pay three years of property taxes.
How can I handle a situation like this? I asked her for more information so I can perform some due dilligence on the property. What can I offer her for the money she needs, providing the price and numbers work?
Thanks for all your help and advice in advance TCI!!!
Chris G 
Chris,
Are you looking to pass this one on, or you looking for help on it?
[addsig]
Thanks Birddog1
Actually, I was just looking into picking this one up for myself, and wanted a little advice as to what other investors might do with this situation.
Is there any advice you can give me about a property like this? I still haven't seen it yet or ran the numbers, so it is still too early to tell wether it's a good deal or not.
Thanks again!!
CG
If you post the numbers on the board, we can help you out more to tell you what your options are.
If I had this lead, I would probably perform a short sale. Is she late on any of her payments? As for offering her money, I don't know how much you can offer her, depends on repairs, and how much you can make off it.
If the repairs are 25k, I'm looking for a 25k profit. If I can give her money and still give her a 25k profit, I'd give it to her.
Once again, if you post some numbers down like ARV, repairs, property taxes due, mortgage balance, how much she needs to move out, then we can provide you with better answers.
One thing I've heard from other investors is that it's hard/impossible to discount taxes because they're the first in line at the auction.
Good luck,
John
i would find out exactly what she needs to pay off her dues. Then, find out what the reinstatment figure is, along with the pay off, if there is enough of a gap once you make the pay off, and pay off the dues, then i would pay the reinstatement figure, give her the money she needs for taxes, have her sign a quit claim deed over to you, then its yours.
Thanks once again 4 the replies...
Once I get the numbers, I can make a better decision. As for right now, it's all specualtion. All I know right now is that I have a motivated seller, which is step one in my book
Thanks....I will post numbers if I need more advice.
CG :-D