It Finally Clicked!!! But i still need advice.
It finally happened! All this time I have been wondering how it can be possible to do a no money down deal. Then it hit me! After getting a call from a motivated seller i started thinking and it just came to me.
This is what happened:
An older lady called me telling me she just can't deal with her house anymore. Instead of going straight into business I asked what was wrong and just let her get everything out. To build a better connection with the seller. She had it listed but hated the Real Estate Agent that was helping her out. She lives in her house and she didn't like the amount of traffic that was going through her house as she was there. She got fed up and told the agent to scram. Her husband passed away and she says she cant maintain her house by herself. (I believe it is somewhat of a heart break to be there without her loved one.) Her tone was just very sad and it seems like she just wants to give up and move closer to her kids. She wants to sell the house ASAP. She owns her home free and clear.
The deal looks like this.
5 Bedrooms/ 2 full baths
large yard with 7 fruit trees
security system on windows
New Roof
full fence
Two car garage
She had it listed for $170,000 but the Agent claims that she didn't have it on the market for long enough.
She claims her bottom dollar is $150,000 but I'm sure there is space to negotiate.
Here is my plan:
Give her a down payment so she can move into a settle into her new place. After she is out do a bit of cosmetic work and put it for sale after it sells pay her the lump sum.
I'm unsure on the time frame or the down payment but what do you think? Any advice.
Hypothetically
Value of $160,000 offer her $112,000. Give her $10,000 down and sell it for $150,000
Making under $38,000 after holding and paying a real estate agent.