"Subject To"with Motivated Seller
Hey gang,
I ran an ad in paper looking for motivated sellers. I have two parties that responded. First party is building her dream home and wont be done til December. Needs to sell her primary residence for down payment on her new loan. She wants to stay in her present home -pay rent to new owner til her other home is finished. Comps show her primary residence is worth 300k and does not want a realtor due to making this a quick sale. She is willing to discount down to 270k. Is this to small of a spread? Can I take over payments? I would like to wholesale this deal and find a fee. How would you guys handle this deal.
thanks
John
More information is needed. What is the amount owing on her primary residence?
If you were to list with a realtor you would be spending 18K. I think it is probably ok in that she will be paying rent to you and you can market the house at the same time with her paying enough to cover the payment.
Hey stockpro,
she owes 225 on the mortgage
DO you have enough to pay off her equity? Sounds like she knows what she is doing and since she is lookin for a downpayment on her new house she might not be that desperate.
Thanks for the reply. She is going to put it on the market FSBO. If it does not sell within thirty days she said she has my number. I offered her 270k "as is" I would of liked to taken this deal on subject to. I will try the next couple that just answered my ad and see whats up
Thanks gang.