Not Sure What To Do With This Motivated "seller" - Help!
A few minutes ago we had a really interesting caller from a seller who is definitely in a bind, but there's a catch - he doesn't want to move. They've had some serious family health issues and now they are in a financial bind with no savings, etc. They bought the house 4 months ago and would prefer to stay in it... they'd like someone to buy it and lease it to them until they can buy it back. Sound like a possible situation?
Here are the details:
Bought 4 months ago for $241,000
1st Mortgage of $209,000
PIT $1204.00
He needs $20,000 - $25,000
Any help, ideas, or suggestions? I'm not sure what I can do with it, but I'd hate to let an opportunity slip through my fingers.
Thanks!
Why would you want to lease it back to him? what if he gets in another bind and you try to kick him out and he sues you for trying to take his home......what if he lies and goes back on his word and goes against you? i would try to help him realize that maybe staying in the house isn't the best thing for him, "Have you thought that this might not be the best situation for you?", "Have you thought about moving? where would you go?, what would you need?".....leasing back is too risky, every single person i've seen do this always regrets it later
Good advice. We'll discuss this further with him and see where it goes. I'd love to be able to help him if I can, but I don't see how that's possible unless he moves.
Thanks!