Long Island, NY · Member since 2019 · 14 posts · 9 votes
I am trying to buy a property to flip, it’s vacant, and the seller is trying to sell it for $350k because they have a mortgage for $350k. The problem is that the house is definitely not worth $350k, and the seller says they are not in foreclosure. I would have to buy the deal for $250k for it to work. How can I structure this deal with the seller ?
I am trying to buy a property to flip, it’s vacant, and the seller is trying to sell it for $350k because they have a mortgage for $350k. The problem is that the house is definitely not worth $350k, and the seller says they are not in foreclosure. I would have to buy the deal for $250k for it to work. How can I structure this deal with the seller ?
Why would the seller want to pay $100,000 to sell you the house? Are they motivated and do they have 100,000 sitting in their bank account?
They seem desperate to sell it since they don’t live there. But I’m not entirely sure, it’s been sitting for a while
If it was me and the house would cash flow as a rental I would endeavor to secure the property thru creative mean and make the underlining payments on the loan. If the property is for a flip only it doesn’t sound like a good fit. If the numbers will not work they will not work no matter how much you try to force it. Some deals are simply dead and the sooner an investor realizes that the better. If this is not what you’re looking to hear I understand. I’m definitely not trying to be negative.
Thank you so much for taking the time to respond, I really appreciate it. Yeah from what you said, it seems like the deal wouldn’t work, it feels like I’m trying to force the deal. Definitely just gotta walk away from it.