Scared And Don't Know What To Do. HELP With Deal
I have a person that wants out of her house in an upscale neighborhood. Willing to do Sub To with 20K to her now. House is beauitful 4/3/2 pool etc etc. I have the 20K to give and the house will (so I'm told by a realtor) sell easily for 300K (should be at 330 - 340K per realtor) Owner wants 275 - 280K for house total price. Has two mortgages totaling 212K and 1500.00 a month PITI.
Problem is I don't have 3 - 4 months reserves for mortgage if it takes that long to sell.
What are my options?
Please help me make a few grand here. Thanks
Have you been advertising for a tenant buyer ? Also maybe advertise for a wholesale deal. Contact your local REIA. Are there repairs that need to be done? Have you had comps done? The realtor told me won't help if you find out it is really only worth 250k. I would negotiate for a much better price personally, if she owes 212K go for 250 tops. Did you ask her what she would take or did you offer a price? Also do your due dilligence before commiting yourself. And lastly, if this deal slps through, don't sweat it another one will come along.
Joe
[addsig]
I have not advertised yet as I have not comitted myself yet. There are no repairs needed everything is brand new and updated, it is a move in ready. Looks brand new inside and out. It is in a golf course community.
I did the comps myself and drove around the neighborhood looking for "For sale" houses to compare to. They all point to the 295 - mid 300s. I also went to RealQuest site and pulled them there.
Pay the owner 10k now, and the rest in a 10k note payable in 12 months at 10% interest (to make it attractive).
Best of luck,
Andrew