How would you respond to this seller?

[SteveG_Pa 0]

Steve,

I actually did not know you were an investor. I do realize in todays market is leaning towards leasing, but that won't work for me. My mother passed away on Sept. 1st and my two sisters and I want to sell the house. There is still money owed on the house, one of my sisters lives out of town and my other sister doesn't want to any part of it. For the three of us to lease it together wouldn't work three of us would own it, I would be responsible for it. Long story short it would be easier to just sell it. The house really is in great shape with a beautiful yard, creek in the back, it would be a nice purchase for someone. I appreciate your input, this is all new for me. I welcome any help I can get. Thank you.

 

 

 

It sounds to me like she just doesnt want to be the one taking care of the property and there might be something I can use. Not sure how the other sisters would feel about anything, but Id like to send her an email with some kind of solution and see what happens. Thanks be the pros!

[Jonathan RexfordFL 8]

Go back and get the details of the home.

 

 

A couple plays here:

Subject to: to you and lease option

Subject to: to you and then you wrap it.

Subject to: to end buyer...either investor (flip it) or retail buyer

 

Take an option on the property and you can do all the above or find an end buyer to retail it to.

 

Buy it all cash for 50% of value or what ever your idea is.

[colehaynes 0]

Steve,

 

 

You could do as explained above. I don't know where you are in your investing career, but, a sub2 deal is somewhat complex for a first deal. What type of deal you propose to the owner is up to you. Sounds like a seller who wants you to take over his problem so he doesn't have to deal with it. Keep the following in mind:

 

 

 

*The owner mentions there is still money owed on the home, so there is still a payment costing them each month.

*The owner doesn't want to deal with a long-term lease because they would have to deal with dividing money, expenses, time, etc. between the three(he said he will be totally responsible until it sells).

*His mother passed away just 45 days ago.

*"It would be easier to just sell it."

 

 

I would take all the information above and present the CA deal based on those concerns/responses.

 

Let him know what the benefits of a CA are.

The difference between the tenant/buyer you find and a typical tenant a first time landlord would find.

Ask how they are currently dealing with the payment.

Talk to him about how slow the market is right now.

Let him know you can SLO from him and manage the property each month and he will just receive a check until it sells.

 

 

Good luck!

[MichaelC 160]

Steve, I've been involved in deals like this where emotions rule the decisions. That's what you're dealing with here. Makes it damn near impossible to get all to think clearly and agree on anything. Personally, I'd walk and let them cool their heels. I suspect what they will do is list the house with a Realtor. Let that scenario play out and in six months, after the shock of mom's passing has diminished somewhat and the pain of making payments has been felt, a meeting of the minds might be possible. But at this time, I think not.

[SteveG_Pa 0]

Michael, thats kind of what I was thinking. I responded, left it pretty generic, gave my condolences, told her that there are a lot of different ways I could buy, then asked a couple questions about the house. I figured it would depend on how she responded as to what my next move is. I asked about her sisters to, where everyone was at regarding the house etc. Well see I guess.

 

Cole and Jonathon I appreciate the ideas, well see how she answers, if she answers, and go from there, should have a little better idea of what the 3 need collectively.

[OX6603 0]

Michael, thats kind of what I was thinking. I responded, left it pretty generic, gave my condolences, told her that there are a lot of different ways I could buy, then asked a couple questions about the house. I figured it would depend on how she responded as to what my next move is. I asked about her sisters to, where everyone was at regarding the house etc. Well see I guess.

 

Cole and Jonathon I appreciate the ideas, well see how she answers, if she answers, and go from there, should have a little better idea of what the 3 need collectively.

 

I would definitely play the market angle. The 6% she'll pay the realtor, the closing costs, and the fact that it will likely sit on the market for a year anyway, empty, with that mortgage payment still due every month. That's a lot of money that the sellers get to hold on to if they work with you. So they could C/A with you, or they could just discount it that much and let you wholesale it and get it out of their hands