option8 0 Report post Posted October 29, 2003 (I messed up the title of this...Sorry) Meant to say.Here's what a Motivated Seller Looks Like! We received this lead from a mtg broker we've been networking with. This is his 2nd referral that turned into a deal. $1000.00 to him, more for us. This house is a 4 bedroom, 2 full plus 2 half baths, brick georgian with a 2 car garage, new jacuzzi, finished basement, fenced in yard, etc... The sellers moved to another state last year and listed the house in the low $130's . The price kept dropping until it was in the low $120's. The sellers really don't want the house empty any longer (more expensive insurance premium and safety of the home). Seller had 2 mortgages on the house and was in the process of refinancing. During our numerous long distance phone conversations, the seller indicated they really wanted $119K. They also indicated that they were interested in getting $1100 per month. Here's what we ultimately agreed upon: We offered $115,000 on a 2 1/2 year Lease Option with a monthly payment of $775.00. We will LO out for $900 -ish per month and a sell price of $125,000. How did we know this seller was motivated? "Take my home.. ", "You really need to take my house... ", "I know this is what we are supposed to do..." Desired $1100 per month but readily agreed to $775.00. Anxious to sign the papers at our initial meeting. I slowed this down because the wife wasn't present and we didn't have a POA from her. They actually signed and notarized the papers long distance and mailed them back. Trust me---You'll know motivation when you see it. We are off to put out signs and get this out on our website. Happy investing...Option8 Share this post Link to post Share on other sites
Guest steve55121 Report post Posted October 29, 2003 EXACTLY!!!!! Make them call you AMEN! Share this post Link to post Share on other sites
MichaelC 160 Report post Posted October 29, 2003 Hi, Option8. Now I know why I haven't seen you around these parts recently. You're out and about hustling deals. Congratulations on another one well done! PS: I took the liberty of editing your post title. Hope that's OK . Share this post Link to post Share on other sites
-Tony- 0 Report post Posted October 29, 2003 Way to go....I had one of those thought it was to far away hmmmm wish I took it now... My question is, the house started in the low 130's came down to 115k what is the FMV??? Could you get more for it???? Share this post Link to post Share on other sites
option8 0 Report post Posted November 3, 2003 Tony, My best guesstimate is that the first listing price was inflated to cover the realtor fees. Looking at the comps, I would sell this at $120 - to 125K today and at an appreciated price 2 years from now. Remember, the realestate listing is a just list and wait gaime. Inactivity on a listing is not a accurate measure of FMV. It is, however, an accurate meaure of marketing effort. Our efforts will far out strip an average realtor's anyday! A hungry buyer needing terms, WILL buy this house at a higher price. Happy investing..option8 Share this post Link to post Share on other sites
