skalember 1 Report post Posted October 8, 2009 Seller: Yes, I'd be open to a LO if the price is right and it's an exceptional deal (strike 1) Me: Have you had any recent appraisal or sales comps on your home? Seller: Yes, I was given an estimate of $420k based on a recent financing I was seeking. But that was before putting in50K worth of improvements. Additionally, there were our prior closing costsand the time value of the $93,000 we have already paid. (strike 2) Me: Sir could you hold please? (uncontrollable laughter) This guy wants $600k for his place when all others in the area are going for under mid 400k? Seller: You have option premium,rental income, and net purchase price to make the numbers be a good deal at this end. You could stretch out the length of the lease so most of this increase is born by the tenant / buyer, but obviously the option premiumwould go up too. (Strike 3) Me: Sure, how does a 20 year lease option sound? I'll have my buddy over at fantasyland bank do the mortgage for the T/B as well. The joys of a down market Share this post Link to post Share on other sites
jhanson8 0 Report post Posted October 8, 2009 I just love these sellers, don't you? They know just enough to think they know it all... Share this post Link to post Share on other sites
MichaelC 160 Report post Posted October 9, 2009 Seller: Yes, I'd be open to a LO if the price is right and it's an exceptional deal (strike 1) Me: Have you had any recent appraisal or sales comps on your home? Seller: Yes, I was given an estimate of $420k based on a recent financing I was seeking. But that was before putting in50K worth of improvements. Additionally, there were our prior closing costsand the time value of the $93,000 we have already paid. (strike 2) Me: Sir could you hold please? (uncontrollable laughter) This guy wants $600k for his place when all others in the area are going for under mid 400k? Seller: You have option premium,rental income, and net purchase price to make the numbers be a good deal at this end. You could stretch out the length of the lease so most of this increase is born by the tenant / buyer, but obviously the option premiumwould go up too. (Strike 3) Me: Sure, how does a 20 year lease option sound? I'll have my buddy over at fantasyland bank do the mortgage for the T/B as well. The joys of a down market Classic, Steve. It sounds like that guy also has a property here by me, because I just had a similar conversation. All you can do is laugh and move on. Share this post Link to post Share on other sites