OfflineHi DG family,
I placed an ad on CL stating that I am an Investor looking to purchase property in my area. I got a call this AM from a woman getting a divorce and can not afford the house payment. She is behind 1 month. The ex has moved and will not pay for the house. Both want out. They are looking for a quick sale. The house is in good condition, not more than 1K in repairs. They owe $113,500 market value is about $110,000. They are not able to bring money to the table. Is a short sale the only option!!!I would like to help them out but I still need to make this work for my business.
Any other suggestion????? Also there are many foreclosures and almost no sales in the immmediate area so I am considering starting with an $85k offer.
Thanks for any advice you can give
liloucu,
find a tenant/buyer that wants to buy the house for $113,500, and can give you a deposit, and a rent higher than the payment.
You take over the payments of the house, and pay them with the tenant's rent money and you keep the difference. In a year or two, depending on how you set up the lease, your tenant gets a loan from a lender and buys the house.
No need to offer less for the house; it's a win/win/win for everyone.
Wishing you success,
Valerie
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
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Valerie, thanks for responding to my post!
The owner is paying $961/mo piti. Unfortunately rentals are not high here, $900-950 is about max for this property.
There are people that will pay more since its a seller financed lease option that gives them a couple years to get their finances in order to buy the property. They know right now they can't afford a house or get financing so they are more then happy to put a down payment(goes to you) and pay a few dollars more a month, knowing it holds the house for 2 or 3 years, whatever you set up with the actual owners for yourself.
Also, I bought a short sale for $70k and FMV was around $120k, you need to make sure there is plenty of room in there for you to flip it or a good enough deal for buy and hold. I think you should start lower if you were to try to get it as a SS. GOOD LUCK!
SEMPER FI
GET SOME!