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Possible Deal??
2 posts by 2 users
Brian V.HandymanAllendale, MI 
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My sister lives next to a house that has been for sale for over a year now. She is asking way to much for the house and that's why it isn't selling. Come to find out she only owes $30k-$40k on the house and it's worth $115k. She is asking $130k right now. She has a lot of relatives in Texas and would like to move back down there. She has a daughter that lives with her but doesn't help with the payments, ect. So it sounds like she's barely making her payments as is. Would this be a good sub 2 deal or is there something that would be better. bjvd |
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Jon H.Real Estate InvestorDenver, Colorado 
 Moderator |
Too many " she" s, I'm not sure who wants to go where. I'm assuming they all refer to the seller, and not your sister. Since the house is overpriced, and has been setting for a year, I think you're dealing with a totally unmotivated seller. That's going to make it a challenge. Might well work as a sub 2, with that low mortgage balance. I doubt they would take a pure subject to, but sub 2 with a seller carried second might work. Your first challenge is going to be to get them to agree on a price. Maybe you can talk to her, make an offer that works for you, and then let her sit on it for a while. If she's having a hard time with the payments, then at some point she is going to get motivated. Getting rid of the payment AND getting some cash coming in may look better and better. Jon |
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Posted: 01/31/2008 at 06:41AM