cstg 0 Report post Posted September 12, 2011 I am doing some work for a guy who needs to sell his house. House was purchased in 06 as a two bed for $190k by his father who put 90k down. Since then the father passed and the house is deeded to the son who I am dealing with. The house became vacant last august and the seller has no desire to finish it to get it sold. Approx. $90k is owed on the mortgage and the seller owes his mother $15k and has a few thousand in the house. He was offered $125k from the across the street in feb. and he said it was to low for him, he said he might of considered $135k. The house is assessed as a two bed for $171 and zillow is at $155k. Seller said he was going to list with a realtor for $154k as-is. House is in move in condition but to get retail value it needs a kitchen and bath, and can easily add a toilet and sink on first floor. Also the seller and his father made a third bedroom on first floor. ARV is $185k. there is a short sale on same road at $180k and a bank owned i believe for $169k. I am thinking my best bet would be to get a option to buy for 30-60 days for $135k-$140k and list on mls for a O-O at $159k. How do I structure this as to who pays closing costs and buyer agent fee? Please give advise and thoughts! Thanks all!! Share this post Link to post Share on other sites
MichaelC 160 Report post Posted September 12, 2011 I agree that a Pure Option would be a good way to go. You need to get it at a low enough price so you can then offer it at a price that will attract buyers and still allow you a worthwhile profit for your efforts. From what you wrote I would offer $130K and go from there.As for closing costs, everything is negotiable. Buyer Agent? If a buyer brings an Agent and said Agent is representing the buyer, I would be sure to tell the buyer upfront that fee is his responsibility. Share this post Link to post Share on other sites