Looking For Creative Ideas For Personal Purchase
I'm trying to come up with some ideas for creativity for my daughter to purchase a home and would appreciate your help.
FSBO, asking $189,000, appraised at $182,000, willing to take $180,000. Divorce situation, would like to be out by end of March. Wife is paying on a townhouse, hubby paying on apartment, in addition to paying the mortgage. Purchase price was $138,000 in 2000. Some updates done, approx. $8,000. Great location, great house, will probably sell quickly close to what they want.
Buyers can go $160,000 max, plus closing costs. They made the offer last night that was refused, of course. Didn't counter, but said he would take $180,000.
Buyers have no contingencies, pre-approved for $160,000, ready to buy now.
Any suggestions???
Thanks,
Jeannie
This is a tough one.
Preapproved is as good as cash. The good news is that its only for 160. You have to look at, how much you are willing to get it for. If they bought the house for 130 in 2000. They probally owe around that or better, depending on their rates and program.
Another thing, they may have excess credit card bills or car payments, that are making them be firm with their asking price.
You want just want to let this one go, and attempt another. Usually I tell people not to fall in love with an investment property, but this one is personal property now.
So make y our offer, and leave a business card. If you see the house sold in the transactions, there are plenty more out there
It sounds like you are not dealing with a very motivated seller...Ask them to make some concessions, or move on.....
Prosperous investing,
td
Offer them $140,000 cash at closing and $350 a month for 10 years, that gives them $2000 more than their asking price and in the long run, your daughter will pay less than the payments to a bank for the $180,000.
It's a creative thougt...