I just got my RE license a few months ago and now helping my girlfriend's sister selling her house. She bought the house in 2004 for $340,500 in 95209 (Stockton, CA). She still has a loan amount of 190,000 (conventional, fixed). I ran the comparable sale analysis, the assessed value is $335,000 and estimated value is 342,287. However the average sale price in the area is only $300,889. She wants to sell the house asap, should I buy it from her? what do I need to analyse? what else do I need to know to determine whether this is a good deal? What questions should I ask my self in conducting this deal? Would seller fiance is a good option? I planning to buy and hold.
Type: SFR - Year Built: 2004
Bed: 5 - Bath: 3
Sqft (Structure): 2893 - SqFt (Lot): 6400
P.S. I am looking for brokerage firm in Stockton to work with, if you have any referral please inbox me.
Thank you for your time
How much are you trying to buy it for? It all depends on what your purchase price would be?
Beside the purchase price and the average rent in that area, what else do I need to know to make the decision?
I would want to understand what the seller's motivations are. Do they need the cash or do they just want to move and not have to pay the mortgage? Are they willing to do subject-to or seller carry?
I own two rentals in Stockton, and I think you will have a hard time finding tenants in that price range. Ive also worked with a brokerage and lenders in that market. PM me if you want their contact info.
I can also give you my property manager's info if you want another opinion on market rent for that home.
Hi Brian, she getting a divorce so she just want to sell the house ASAP. I did the math and check the rent in that area, and you are right the number is not pretty. So i decided just help her sell the house and find something else. for myself.
if she is looking to sell ASAP, why not wholesale it to a cash investor?
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Hi Chris, I have suggested that to her but she is willing to wait and sell her house through MLS. Thank you for your suggestion.
Hi Kim, its possible for me to buy but it is not what I am looking for in the neighborhood.
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