Would Appreciate Opinions

[bbrunelleb 0]

Hi All,

I recieved this email and would like some opinions as to which way to go with this. Sounds like a savvy guy looking for a piece of the action, which is good........

 

Hi Bill,

 

I was looking on the internet for investor areas to ask questions, so I don't know if I have the right area and you are the person to ask. If not, you may know where to direct me. I appreciate your time.

 

Here goes-

I know of a house that has been sitting vacant for 8 mos. in Central Florida (the R.E. boom of buyers everywhere is now over here).

It is a nice home, in a middle class neighborhood with good schools. About 2200 sq. feet living space 4 bedroom with an addition added upstairs, pool and double garage.

It has been rehabbed inside, except the guy who bought it put in carpet pieces instead of just buying carpet? hmmm.??

Though it has been rehabbed, it needs some TLC, recaulk in the baths and scrubbed better, and the pool is green- (bad green)

from sitting so long. The grass and lawn is brown and weedy, looks like he has given up!

 

Here is the thing- he wants to get rid of it- it is appraised around 325,000,-330,000 possibly a little more. He is asking 350,000- I think to cover his cost- he bought it from an investor. But he is getting very antsy- he said he is willing to rent, rent with option, co-owner, sell at a discount, whatever, he just wants to rid himself of it-

 

There is an opportunity here, I know it- what are some of the options? how would a no money down strategy work here if I found a buyer for him, or would I just be paid a bird dog fee? I am not an investor, just have been looking at this house and seeing an opportunity for awhile.

 

I appreciate your response, again if you are not the person to ask, I apologize in advance, but if so, or you know who could help, it would be appreciated.

 

Thank you,

Leah Miller

 

Thanks, Bill

[Craig 0]

Hello Bill,

 

He is getting motivated with time. I would try to help him by offering him a cooperative assignment. Approach him as helping him. IF he doesn't like it.

 

Offer him a Option to Purchase at his very bottom line price. You could also say to him if he sells it on his own without an agent that's okay to. What I have found that clause makes people sign on the spot. They don't feel trapped by a contact. Do they sell on their own?

 

They rely on you to assign your $10.00 option contract and don't pursue selling on there own. Assign the Option for $3,000 - $5,000 if the deal is good enough.

 

Go luck and keep us updated.

 

Craig

[MichaelC 160]

A few things, Bill, in addition to what Craig said. The first potential problem is that the homeowner is asking for an above appraisal price, in a market that has quickly shifted to the buyer's side. If this is so, he'll be sitting on it for a long while. And if he insists, let the property remain his problem, not your's. What should happen is that as time passes his motivation should increase. Another payment or three on a vacant, unappealing property should take care of the attitude.

If and until that happens there isn't much that can be done for any homeowner with a too high asking price.

Also, you can take a more proactive approach and talk to this guy and see if he is set in his terms. He may be all bark and no bite. An offer of $310K, for example, may get him thinking. You won't know until you try.

And after talking to him you'll also get an idea of what he wants, prefers, would consider, etc.

[bbrunelleb 0]

A few things, Bill, in addition to what Craig said. The first potential problem is that the homeowner is asking for an above appraisal price, in a market that has quickly shifted to the buyer's side. If this is so, he'll be sitting on it for a long while. And if he insists, let the property remain his problem, not your's. What should happen is that as time passes his motivation should increase. Another payment or three on a vacant, unappealing property should take care of the attitude.

If and until that happens there isn't much that can be done for any homeowner with a too high asking price.

Also, you can take a more proactive approach and talk to this guy and see if he is set in his terms. He may be all bark and no bite. An offer $310K, for example, may get him thinking. You won't know until you try.

And after talking to him you'll also get an idea of what he wants, prefers, would consider, etc.

 

Thanks Craig and MC,

Your advice is great as usual. I plan on meeting with the seller and use some of my boyish charm talking with him. I will definitely do it all as far as checking everything out including him. If he gets to realize that whatever deal I give him is "better than canned beer" then I got it made. Ill let you guys know if I get anywhere on this one.

Bill

[MichaelC 160]

I plan on meeting with the seller and use some of my boyish charm talking with him.

I have plenty to spare if you need it, Bill.

[bbrunelleb 0]

I plan on meeting with the seller and use some of my boyish charm talking with him.

I have plenty to spare if you need it, Bill.

 

I just picked up a CA. Got the contracts signed. Now I need a T/B.

House is appraised at 300k

T/B purchase price 319K

Option money 6k

Rent 2100 with 50%credit

 

Hey, things are pickin up.. got 3 more to see this week

 

Bill

[MichaelC 160]

Congrats, Bill! This isn't the same one you posted about originally in this thread, is it?

I guess you really do ooze that boyish charm!

[bbrunelleb 0]

Congrats, Bill! This isn't the same one you posted about originally in this thread, is it?

I guess you really do ooze that boyish charm!

 

 

NO, this is a new one, a town house. The best part is that I could understand there conversation. I was getting tons of people that had there own version of the english language.No offense intended to non-english speaking people.

 

 

Bill