verbatim 1 Report post Posted December 15, 2008 Seller relocated out of town with her job & is stuck with a 875 note. It’s a 3 bed 2 bath no repairs needed – nice house nice areaAppraised at 147 2 yrs agoNow comps around 125She will list it for 120k for a quick saleOwes 94kI’m guessing she’d net 10k after getting around 104 if she went the realtor route But she doesn’t want to have it sit for months to sell. She’s open to a 3 year l/o where I cover her note but I haven’t given her any terms if I decide to go that route. What kind of offer would you make to her? Any help offered would be greatly appreciated. Thanks Share this post Link to post Share on other sites
Jonathan RexfordFL 8 Report post Posted December 15, 2008 Option for mortgage balance. What will it rent for each month? If you say a 1K per month then I am shooting for 750.00 and if I want cashflow I would take that off of that. Share this post Link to post Share on other sites
<Steve> 82 Report post Posted December 15, 2008 She seems motivated. What is the lowest price she "needs?" If its $94K or close to it seems to be a decent spread. If you can net a positive 10% to 20% monthly from rent, it may make a good SLO. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted December 16, 2008 What's already been said. How much is the market rent for the house? If it cash flows, get a long term lease with option, locking in a price for $95K to $100K. Gives you some equity, and any appreciation that may occur over the duration of the agreement. If the numbers are right you can't lose. Share this post Link to post Share on other sites