OfflineI found this FSBO buy driving neighborhoods. I contacted the FSBO. It's in a really good neighborhood, turns out to be an estate sale. Two sisters are trying to empty out father's belongings after he passed,one sister really wants nothing to do with it. She just wants money. The house needs a little updating $5,000 tops. It's a 3/2 with 2 fireplaces and 2 car garage. Hardwood flooring on first floor except kitchen and has a huge basement. They are asking $165,000. I politely told her that the house is not worth that by doing comps and she said she would be willing to adjust to actual market conditions, which is $150,000.The sister who is dealing with the house wants to move to North Carolina to be near her daughter and grandkids and son-in-law. Maybe see about owner financing with lease option with end buyer? Or renting for $1200.00 a month(market analysis) Any thoughts and advice would be appreciated. Thank-you very much!!
Would I be crazy to pay full market price?
Posted on: Thu, 09/13/2012 - 03:54
Would I be crazy to pay full market price?
__________________
-
- by forbetterlifenow
- Login to post comments
Nothing wrong with paying full market price if you get great terms. You can sell a property or you can sell the terms. Two key questions are, how is the real estate market there and how much money does the one sister want?
I would say the market is still down here in the far suburbs. You are still able to find great deals, banks are still foreclosing and people still losing jobs, judical part of the paper has like 5-6 FULL pages of pre-foreclosures or auction sale dates of houses, or foreclosures. As far as the one sister who wants nothing to do with the house except get some money. The sister I met with said she would go along with whatever arrangement she makes. Hope this helps! Thanks for helping out a rededicated "newbie"
That's great!
So do what takes the least amount of cash from you and still makes the sisters happy. I like lease options and this seems like a good candidate and if the market bears it, and you say it does, and they adjusted the price accordingly, offer the full price that you actually negotiated.
It's coming together very nicely so far. Also what does your list of buyers have to say?
Let us know how it goes! Oh, don't forget to seal in the offer with a contract.
Cheers
Best Regards,
Anita
(Licensed Realtor-Military Vet-9/11Vet)
****
A self-directed realization for 2014 is to:
Live life as if always on vacation and have all the good health, time, & wealth to enjoy it.
Work, only when and IF desired. Helping others do the same. It Pay$ To Connect!
Always In Gratitude.....
Brandon,
I'm pretty sure that someone from our DG family has something in North Carolina. If you can offer the sister that would like to move to NC & you provide her a place there, your chances with that sister of having her do owner financing. All you just did was lock her in with her destination. Hope that helps.
God bless,
-john
You are planning on a long term buy and hold and you realize a net net profit monthly, there is nothing wrong with paying full price if you can get the terms you need. We have done it a few times and it has worked out just fine for all involved...Jan
If all parties involved are honestly getting rewarded then paying full price is okay. Always be honest and don't try to take advantage of anyone.
Joe