Need advice on deal-hlp please?
OK today I went to my first sellers house....It wasnt intimidating at all...I found this house with a beaten up FSBO sign in front of the house. It is in a blue collar neighborhood, but also in norther new jersey and porperties are going quick and selling for high prices.
Heres the breakdown...
Asking Price 240,000
Comps- Vary from 250-280K
MTG- 100k 8.9%
P&I-1380.00
Taxes-432.00 yr
Repairs estimated by owner- 60k ( siding, bathrom tiling, some flooring, balcony, back steps, etc) I thought 60k was a bit high, in fact I thought it was real high.
Situation: the owner is divorcing from his wife, she is moving to Fl. and he is staying NJ. he says he has considered refinancing and paying off his wife, but he has bad credit, also the MTG is signed with him and his brother in law as the co-borrower, and his brother in law wants the loan off his name. So no owner financing. he also mentioned that there are two buyers interested one lady offering full price but until her credit clears up which she said would be in 3 weeks, and a couple of guys that seem to be investors that offered 235k. He also said that two months ago he was in foreclosure until he paid out all his 401 k money to save the home.
the Home is not in that bad shape that new siding and paint wont help.
3/2 bath, attic is fixed up with 2 bdrooms, basement is renovated with 3/1 bath and seperate entrance.
Ok Im sure I missed info, so please guide me in the right direction.
My ideas: To put the house under contract, for a low all cash offer, and then ***ign it to an investor in my area.
Birddog the propertyu and give the info to an investor...Any advice would be appreciated.
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