L/O - Sub2, or other method?

[verbatim 1]

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.

[MichaelC 160]

Hello, verbatim, and welcome to The Naked Investor.

How should I approach this?

First, have your plan in place. What is your strategy for buying/controlling this property, and what is your exit strategy?

Once you can answer those questions you must determine what the homeowners needs are. It appears as if you are on your way to answering this already.

Determine if you two have a common goal and solution in mind. If so, or if you are close, make the offer. If it's rejected, so what? You're better off for the experience. Or, she may surprise you and make a counter offer, or even accept it.

[JasonBhatt 0]

Although this sounds like a simple dilemma, speaking from absolutely ZERO experience, I can understand where the confusion is.

 

Could you keep us posted on how the deal progresses? Becuase I am sure that I will eventually come across a seller like this.

 

Thank You

-Jason

A.F. & A.M. 211

[Joe Lee 0]

Hehe, another seller wanting to get cashed out *NOW* even though they need to sell and the realtor isnt doing dink for them maybe you should wait a month or so before you call her back if she says no the first time around...

 

I had a seller in foreclosure (4-5 months behind) But she wanted me to make up her payments and cash her out now, so I'm gonna sit and wait for this one, unless she calls another investor when she gets the message :/

 

Laterz...