Time sensitive - about to meet with a seller at 7:30 EST
Hi all,
Potential motivated seller but I am not sure if I am looking at this situation correctly.
Property A - the seller want to sell for $339k
Property B - the owner/seller of Property A is in foreclosure and needs the contract $339k on Prop A to stop foreclosure and eventually move into Property B.
The $339k is decent for the neighborhood but not slam dunk investor's price. Comps in the are that are $400k - $430k range.
The seller is open to seller financing on property A but with $139k down! - no can do on that kind of cash... probably they want to use it to stop the foreclosure on Property B.
Question1: is there anything I can do creatively to solve the problem of seller's foreclosure of Property B and get a better discount on Property A?
Question2: if I were to buy this at $339k as my primary residence using FHA should I be concerned that the payments are $100 -$200 more than rent in that area?
Question3: Is it worth it to try flipping it for that close of a range?
Thanks in advance.