Need Solution For Seller, Please
Please tell me how I can solve my customers problem. He's having financial problems, and has been struggling to make his house payment. He had fallen behind, but to his credit he recently managed to bring payments current.
He says that he needs to sell his house, has indicated he would sell well below market, but would like a few months to find another place before moving out.
I've heard it's generally bad to leave a seller in the house after you close, but is there some sort of way I could accommodate his needs?
I know that if I can solve his problem (without putting myself in a risky situation) then I could swing this deal.
Please advise.
If he will sell the house way below market, but it from him. You can then lease it back to him on a 3 month contract or whatever times is needed. If the sales price is low enough, lease it to him for the agread upon time at way below market rate. $100 month maybe.
At the end of the agread time, raise the rent to market if he does not want to move out at that time. If he doesn't move or pay you have a regular lease eviction.
Rambler,
Is the problem that he is finding it difficult to find a suitable place to move to or is it that he does not have the finances to obtain a new place? Leaving him in the home is not the best choice. Find a way to solve his problem of moving. Good Luck.
Dave
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"Opportunity is missed by most people because it is dressed in overalls and looks like work." (Thomas A. Edison)
[ Edited by dealfinder on Date 09/02/2004 ][ Edited by dealfinder on Date 09/02/2004 ]
I agree with Dave. Solving his moving problem will probably work.
But another idea I can think of is to lease it to him short term (3 months or so like mentioned above) with permission to allow others to view the house to try and lease/sell/flip it while he's living in it. And evict if necessary after the 3 months??
I would rather give the guy some u-haul/start-up money if he is willing to sell at the right price.
C-
Always trade cash for keys...
What happens if 3 months down the road the seller refuses to move out and says that you forced him to sign him over the deed. You'll have to go to court and you'll probably lose.
Best solution--solve the seller's needs and they will be more than happy to move out.
You will find it quite easy to locate deals where the seller wants to stay in the house - if there situation was a good investment, they wouldn;t need you, they would simply refi the house and stay.
Given my outlook, I still believe there is a way the seller can stay in the house for a few months, and you can buy; but I'd caution you to only take ownership AFTER he is gone. I don;t have time right now to give you all of the reason;s that it is a bad business decision, but if you need some, PM me and I'll rattle off a few for you.
Try to ascertain a way that you can delay the closing until he moves out and you'll both win.