So Now They Want CA$H
Working with a pre-foreclosure. I am purchasing in full with no financing. They already did the dirty work and got the banks down to $112k. They needed another $9k to pay off some odds and ends. The problem is if they show any addition $$$ the bank will want that as well. So now they want cash. after $14k in repairs (high side) can turn around easy for $145k -- $159k would be high. I'm thinking to just walk away (not enough profit)
Any advise (on the cash part) would be great.
NJH :-o
Is there anything you can "buy" from them? They want a lot of money so this might not work, but you could "buy" their appliances, stereo, lawn tractor, etc. I even use a bill of sale. Then just forget to get it from them when they move.
Hope this response isn't to late to help. :-D
[addsig]
I'd simply tell them that the $112K is the best you'd offer, that if they sell at least they won't have a foreclosure on their credit. If that isn't enough at this point, give them your card and wish them luck.
Roger
if you think it's is going to be a "shady" or border line legal deal......walk away it is not worth. there are to many "clean" deals to be involved with a deal that is questionable......km
This is the reason why I always sign a purchase agreement when an agreement is decided. Whether it is a short sale or sub2 it is going to outline the terms you are willing to purchase at.