OfflineFirst of all I would like to know if this is a good deal. A lady called me about her property and want to get rid of it by paying what she owes on it:$115,000.00
Her monthly mortgage payment is $914.00. She sound very flexible and quite desperate.
If it is a good deal, what strategy would you use for this deal?
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When the going gets tough, the tough gets going.
$115,000. What's the ARV? How much is the Fair Market Value? Etc.
You ask about what strategy to adopt. You can use any strategy as long as the numbers make sense to you. Blessings to all. LA
Everytime you repeat the words "I CAN DO IT" with conviction, you cancel or override your fear and increase your confidence. By repeating this affirmation over and over, you can eventually build your courage and confidence to the point where you are unafraid. -Brian Tracy-
do you think you should use and why???
List your options and what works better for you to close and maximize the amount of money you can command
Like LA said, need more. Is it a SF or multi. What is the value of the house? could you give her a small amount of cash to walk away and make the mortgage payments. You might consider a lease/option with her....Jan
I thank everyone who was kind enough to call me to my senses to realize that Real Estate is not an emotional game but a number games. I was moved by someone who sounded desperate.
But after your different inputs, I went back and did my homework (which I should have done at first).
Zillow: $115,000
Cyberhomes $99,000
eappraisal: 88,000
Some comparables from Ga fmls show that similar properties were sold for $115, 000 and $113,000.
So the conclusion is, as the number are not good, I am passing on this deal.
Thank you lrababao, elixbrown, and Jan Malek.
See you at the edge next year.
When the going gets tough, the tough gets going.
I understand there's not much equity but if you could do a lease option with a decent down payment and high enough rent then it could still work. Although you do need to see what if any rehab needs to be done. Also I would find out why she's selling, is she having difficulty making payments? There's so many on here that might have more tips as well.
Good Luck to you!
Cathy L
If she won't move on the price, see if you can work on the terms. Will she do an owner finance? Or lease with an option to buy, there are a number of ways to get the deal done.
... Verses: 35 "but those who hope in the Lord will renew their strength. They will soar on wings like eagles; They will run and not grow weary, They will walk and not be faint." Isaiah 40:31 ...
Thank you Chris and Cathy.
When the going gets tough, the tough gets going.