NEED HELP WITH FIRST DEAL
My wife has a friend who is desperately trying to sell her house so she can move to another state where she has property. The propery was on the market for about six months before she took it off. The asking price is 67k and is appraised at 80k. I would like a lease option because my credit score is around 570 and I don't think I can get financing. What kind of offer could I make?
Is she willing to take a lease option for the deal? I would offer to take over her payments for her either by subject to or lease option. It's up to you if you want to give her a down payment/option consideration fee.
Do you plan on living there or selling?
Get the deed. Offer her a few hundred to sell you the house and buy it subject to the mortage for the loan balance. If she says she wants more find out what see needs, either more down or more total over 30 years. Trying to fill her needs may end up with a win win agreemant for both of you
Good LUCK and HAPPY HOLIDAYS
Hope this helps some
Ted Jr
If a property hasn't sold in 6 months, it means that it's overpriced, not adequately exposed to the market, or both.
If the "appraised" value is $80,000, and the real estate broker advertised and showed the home... it should have been under contract within 30 days.
I would try to confirm the appraised value before you rush into anything. Scratch under the surface a bit.
I think she is willing to lease option and I want to use it as an investment property(rental) I'm a newbie so can you help understand subject to purchases. I'm still not clear on that.
For subject-to info, you might want to go to the subject-to forum. There is also a VERY good book on this website. John Locke's book was one of the best I have ever read on subject-to's.
Good luck
Derek
I agree with webuy
I didn't know much about sub2 deals until I came on to this site. After reading enough sub2 posts, you will get a handle on how to do it. It then becomes a matter of getting out there and getting one.
I bought John Lockes course, and it was the icing on the cake (got more into detail) which is what I liked. You will always have questions, but the more you ask, the more you will receive.
Okay, she agreed to a lease option with 2100.00 down, now what kind of contract should I take with me to the meeting, and where can I find such contracts?