Sub2 Or Other Method?
I need advice from those more seasoned. this may be my 1st deal.
The Details:
- Owner has been trying to sell home for 120k with realtor unsuccessfully for a month.
- Tax appraisal says 110 and they are usually a little off give or take.
- I see owner borrowed 90k in January 1994 with monthly payments of 765
- I believe it can rent for $1100.
How should I approach this?
Any assistance given would be greatly appreciated...
I emailed her some questions and the answers are below:
how long has the home been listed with an agent?
That house has been listed for at least a month. My ex listed it with an
agent
why are you selling?
We are selling because we divorced several years ago and he has lived there
since I moved out but he has now moved and we need to sell the
house.
what will you do if the home doesn't sell?
I do not want to rent the house out because I need the money from the sale
of it in order to purchase a home for my son and I. I don't trust renters anyway.
what is the lowest price you will accept?
Asking price is $120,000, at least $10,000 lower then new construction in
that area.
how much is left on the loan?
I'll have to find out about the balance, my ex has all of that information.
what's the total montly payment?
The monthly note was around $765.00.
Are you in a position where we could make payments to cover your mortgage
for a while and pay off any loans you have later?
The house needs to sell for us to have the cash out of it to be used for our
next homes.
What is your preferred close date?
We need to get rid of this house asap. If you can help, I would greatly appreciate it and I'll get the loan balance from my ex and let you know.
Looks like you asked the right questions and have a motivated seller. I can't give any advice (not enough experience) other than it sounds like she would be resistant to sub 2 since she needs cash now.
I am curious to see the answer to this scenario. Good post.
Jason