Thought I'd get the best response from this forum topic.
Hi, BP friendly names and faces :)
Long time lurker, first time poster.
How often does one have the opportunity to help out a seller without profiting from a sale?
SO.. Here's what I did today:
I got to make a cash offer. I can't wholesale a property without full disclosure of the situation and my MAO was under 250K.
I explained why.
Regardless of which approach they take to selling this unwanted inheritance (with no equity, owing over 300K, and their own property as collateral)--either selling below ARV and refinancing their arm loan to release their property; or having an agent put it on the market--they're still going to owe a good amount (on the home to to the agent) after the sale.
There are similar properties in the area that have been on the market for over a year. Others that have just been listed or maybe even re-listed. I spoke with them, asked questions, did my due diligence, sorted contracts, reviewed that everything was in order, viewed the house and made an offer completely off the record. As it turns out, they have an agent who hasn't listed the property after 2 weeks. I know it was the holidays, but... Anyway, it's not on the MLS, but they are under contract.
I let them know that what they really need is a cash buyer who wants to own the home, now.
Thinking that if they had a cash buyer, and cut out the middle man (me), then they'd have a shot at their property going for a decent price.
I don't know if it's unethical to market to buyers for them, even as long as I stand to make nothing from it. I don't know if I'd be taken seriously by investors, or home buyers when seeking offers for this deal, or ever after. I don't know if my entity would suffer from such actions or if it would go unnoticed. I don't even know if anyone would really care.
Not really selling myself as a professional here, am I?
I'm seeing that these variances make some solutions better than others, but only one would pay me (which would actually get their own home out from under the bank and then this piece of property wouldn't be sitting, worsening the situation).
More often than not, I will probably find myself wanting to help sellers escape their problems but, as everyone's situation varies, I'll have to master coping.
How do you cope?
I'm seeking advice, opinions, questions, comments and even criticisms. I could go more in depth with the situation, but none of that changes the simplicity of the issue.
Let me know in the box below. Thanks for being here-- Cheers!
P.S. I moved some blocks of text around. I think I fixed all of the errors I created, apologies if I missed something.