sell4freedom 0 Report post Posted May 30, 2008 Can someone tell me if the following is a potential deal? Seller is very motivated. 2bed/ 1 bath. House is brand new built last year. Comps are around $85,900. Seller said she'll take what she owes which is $79,000. Her payments are $575/month - 30year 6.75% conventional. Area is pretty stable and has not depreciated. We're expecting a big population increase in the next 2 years due to a another big company moving in. I asked the seller if she would be interested in a CA and explained the benefits but she wasn't open to the idea. Can I do anything with this? Thanks,Patrick Share this post Link to post Share on other sites
MichaelC 160 Report post Posted May 30, 2008 If she isn't open to a CA, can I assume she is opposed to anything other than an outright sale? If so, you can buy it conventionally and hold on long term as a rental. Assuming it cash flows from day one, if the anticipated appreciation kicks in because of the new employer coming into town, you have a desirable commodity in your portfolio. Share this post Link to post Share on other sites
-Tony- 0 Report post Posted May 30, 2008 What about a SLO and you take over all responsability for maint. or sub2 alot of bank right now just don't care. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted May 31, 2008 Not enough of a spread to work it as a SLO. Share this post Link to post Share on other sites
dvought 0 Report post Posted May 31, 2008 Can someone tell me if the following is a potential deal? Seller is very motivated. 2bed/ 1 bath. House is brand new built last year. Comps are around $85,900. Seller said she'll take what she owes which is $79,000. Her payments are $575/month - 30year 6.75% conventional. Area is pretty stable and has not depreciated. We're expecting a big population increase in the next 2 years due to a another big company moving in. I asked the seller if she would be interested in a CA and explained the benefits but she wasn't open to the idea. Can I do anything with this? Thanks,Patrick If it can cash flow for more than $575/month then take it Sub2. Be sure to figure in vacancy rates, repairs, and insurance (keep the owner's existing insurance in place as well) on top of the $575/month cost to determine if you will cash flow. Share this post Link to post Share on other sites
sell4freedom 0 Report post Posted May 31, 2008 Thanks for the advice. I will study the situation further to see what I can comfortably do. Patrick Share this post Link to post Share on other sites
<Steve> 82 Report post Posted May 31, 2008 What ever you decide send her a Short Offer on what you can do, and leave the door open. You may get a call down the road as the motivation increases. Share this post Link to post Share on other sites
Jonathan RexfordFL 8 Report post Posted June 1, 2008 Take it sub2 and don't make the payments for 6 months. Then approach the seller telling them that now you can build some equity with a possible short sale. J/K Share this post Link to post Share on other sites
bwalston 1 Report post Posted June 1, 2008 Take it sub2 and don't make the payments for 6 months. Then approach the seller telling them that now you can build some equity with a possible short sale. J/K Silly Me!! I had to read this TWICE before I caught the j/k (just kidding)....I thought it was your initials!! That will teach me to stay out all night regards, Bill Share this post Link to post Share on other sites
MichaelC 160 Report post Posted June 1, 2008 Take it sub2 and don't make the payments for 6 months. Then approach the seller telling them that now you can build some equity with a possible short sale. J/KHmmm. . .I wonder if there is the makings of a new home study course here. . . Share this post Link to post Share on other sites
