Very Illed Owner Has A Neighbour's Son As Power Of Attorney
The owner of the house is very ill. It is a nice little ranch, 1600 sq ft. He doesn't have any children and has been live there for more 20 years. He has been sick for a while and move out. Now he is in hospital. The brother is flying in from switzerland today. So I thought the brother would be the one in charge of all of this, but to my surprise, the guy called me today is the neighbour's son. He said he is very knowledge about RE and is a stock broker. So the owner have him handle the house.
He listed the house FSBO 229k and insisted is 15k below market. I checked the comp. The houses in other better neighbourhood only list around 229 for 4/2.5 1700sq ft. In one of the similar area, one house listed 209,900 since 3/03 still sits there. He sounds like a typical used car salesman. I have to hold my headphone away from me so I won't accidentally hangup. It's a nice area and a nice house. I would like to have it if it is a good deal. From the circumstance it should have a motivated seller. But that guy..
They only take cash/mortgage. nothing else. If I remember correctly if I have to use my own fund/credit the price has to be no more than 70% of the FMV. So should be around 160k? The rent there is about 1500/mo for that. Any suggestions ?
s
Simple suggestion.... Move on. It's fairly obvious that this is an unmotivated seller. Why fight it. See him again in about 8 months or a year when it is still siiting there. His problem, actually yours, is it's not costing him a dime to sit there.
Go find a real deal instead of spinning your wheels, thinking that you have some magical phrase that will make him suddenly realize he wants to give you the house. Incidentally, i am a used car dealer that kind of resented your remark. I work very hard to make money and actually trust other dealers to be up front and honest over retail buyers. Retail buyers lie to you every day about things like... there's not a thing wrong with my trade in... my credit is good.... i'll be back... etc...
John Locke is a used car dealer as well... and a Bail Bondsman.... and a RE investor.
Good luck,
Shawn(OH)
The owner is terminated ill and doesn't know whether he could make it. That's why I thought they must have a tight time table to work with. Especially the closest relatives is from oversea. But Shawn, you are right, the guy is selling doesn't have anything to lose. He just doing a favor for his parents' neighbour. Hope he could sell a good price for the old gentleman in the hospital.[ Edited by s48098 on Date 03/23/2004 ]
Loanwizard ,you shouldn't be so sensitive. Ever since I can remember used car salesmen have been regarded as crooks .Most of them are. If you are
an honest one, we will exempt you from the group. I'm a landlord but all those old snide remarks don't bother me.