Is Divorcing Seller Giving Me A Line Of B.$. ??
Seller says she HAS to sell home before the divorce is finalized. I've read of others taking the homes of divorcees sub to so I know they do not HAVE to sell it but I dont know how to possibly change her way of thinking.
It's in her name only but he's the 1 living in it now. She listed for 335k 5 months ago & just dropped it to 310 recently. I said "if i can close in 10 days all cash, what would be the lowest offer you would take?" 'I just want to net 100k she says' loan bal is 129k [bought for 140k 6 years ago] & she says home 'needs 15k to make immaculate.'
310-129-100-15=66K equity if it would sell for that. She's offering to sell at 79% of present listing price.
How would you alter/structure the deal & negotiate with the seller to make it attractive for you?
And how do i get around this HAVE to sell line?
You write: she HAS to sell home before the divorce is finalized.
If her name is on the title, that is great, however depending on where you live he may have interest because of the number of years they were married, and how long HE lived in the property. Check with an attorney...
You write: "if i can close in 10 days all cash, what would be the lowest offer you would take?" 'I just want to net 100k she says'
129+100+15=244
If the house is worth it, give here $229 cash, then sell the house to someone else for $300K you make the difference, and it leaves room for the next guy to make $30K or so...
Tell her you can close in 10 days and be prepared to back it up...
You write: She's offering to sell at 79% of present listing price.
That is 244 see above number. (that is 310x.10=$244K or 229+15 for repairs)
You write:
How would you alter/structure the deal & negotiate with the seller to make it attractive for you?
That is pretty darn attractive to me at that price.
She has a situation, you have an opportunity.
[/quote]
Believe it or not, you might not be able to do a subject to deal on all of the houses you buy. Some homeowners will not put their credit in your hands. If she doesn't want to do a subject to deal, live with it. It sounds like a great deal. Maybe she wants the 100k to get on with her life after the divorce, or for what-ever reason doesn't want to evict the soon to be ex, and sees selling the house as a way to get him out with less hassle. If you can't do the deal in a more conventional method by yourself, you might try to bird dog it for someone that is able to make it happen. Getting something out of the deal is better than walking away with nothing.
Good luck,
Jeff
All homeowners in bad situations lie (sometimes intentional and sometimes because of ignorance). Just get over it! Do not argue with her.
YES! you will help her SELL her house by buying it! Tell her that she's getting rid of her ex and you're going to help her get rid of the house, which is her LAST TIE to the ex!
YES! You will give her $100,000 at closing!
But, that is all the money you have, so you will take over her mortgage payments. Not for a long time but just until you can sell the house or get it refinanced.
She does not have to worry, if you don't pay the mortgage, you will lose the house AND the $100,000 you gave her, if that isn't incentive to keep the payments current, I don't know what is!
Then say it's a win-win situation "Isn't this great that we're working out a deal where you can finally get your house sold and now I'm the one stuck dealing with your ex-husband?"
HAhahahahaHAh! This should make her laugh.
Hope This Helps!
Mrs. Meltzer