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Completing L/P

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Hi Everyone,

 

I have a prospect owner willing to do a lease purchase. He is asking 250k

 

I drove by just to check it out as it is close for me to review, its a very nice home occupied now

 

I ran comps etc on zillow and most homes are a lot lower on next street over from this proprty and I think I would be challanged to get 250k, most in area are 182k to 202k but they are on face value not as nice, but immediate area is not commanding 25OK

 

This home is nicer than those so how do I proceed?

 

Realtor signs on properties in immediate area 1 block over is 185-202k

recent sale on this property last year from zillow shows 220k and I think this owner if he is owner was the purchaser, I will of course find that out.

 

What would most of you do in this situtation?

 

I hate to blow it, but dont want to market something to high, I have done this before, only to find out later the seller lowered his price after I had expired my option.

 

Another question please:

 

This seller has several properties and I need to find out is he owner or a guy looking to forclose on these, he is vague on this, just get feeling something about him may lead to not being owner

 

Thanks in advance any advise you folks can respond to about this property sand owner

Tom

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Tom,

I agree, but wanted to slap a bad backhand on the zillow comment. However, zillow gives good information on two formats. One, SEV and two, last sale's price. This is the ONLY thing I would reli on with zillow.

 

But my take? As year ago at $220K from an investor with a similar SEV would mean to me to WALK. Unless you're doing a CA it's not a good deal in my eyes.

Adam

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Tom, not a day goes by that a homeowner contacts me with the insistence their house has been the one that has avoided the current buyers market. I used to, for the sake of getting the deal, agree and pretty much go along with the higher price and end up fighting the market.

Now, I walk and let the homeowner fight the market themselves. A month later the house will still be on the market and you'll probably get a phone call. In the interim, perhaps you have found another deal with realistic numbers and made some money, while the homeowner did battle.

The other thing I see as troublesome is this homeowner is being evasive as to who he is and his position in the deal. Ask him point blank. If he is coy about anything, walk away. You're a buyer, Tom. And these days, that makes you the one calling the shots.

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