I am currently in an odd situation at the moment. My Agent has been a godsend and brought me the perfect property to offer on. This seller has come to her, refrained from putting the listing on the MLS, however wants to sell through her. Sounds like every investors dream right? Here is what the Seller requested:
- Fast Close
- Cash on Keys
- Does not want to do anything with the property
- Sister of the Trust is Money Hungry and will take any offer
Every investors dream come true right there. I've ran an analysis on this and can turn for 60-70K in reno purchase for 40. I put an offer in at 40K cash offer, fast close, no contingencies. This property will rent well, and comps are in aroun 139 on the low end to 159 on the medium to high end as it's within walking distance to the elementary school and in a B neighborhood.
My only caveat here is that the seller (The executor of the trust) is willing to move forward with the deal, however his sister is now wanting to intervene and potentially fix it up and sell herself. It has been a week today since we placed our offer, and I will request another update today on the offer.
A few things to consider:
1.) No initial contract for Offer has been submitted, everything verbal at the moment.
2.) Trying to initiate something creative that would motivate the seller to accept the offer (Cookies, Thank you card, another 1K. etc.)
I am reaching out to you (My BP Family) to provide your input on some suggestions on what to do here as I do not want to lose this property. Please feel free to reach out, or comment in any way if you have been in this situation before. I appreciate everyone's suggestions as always!
Give them a written offer/contract to sign with a 2-4 day expiration. With verbal offers, there no sense of urgency, nothing concrete or real.
That was my next approach and already contacted the agent to do so. Great input Wayne. Cheers!
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