Lease Option A Duplex
Hello!
I'm a contractor wanting to buy a vacant duplex that needs some cosmetic touches. The seller declined my earlier low ball offers and said they wanted full price, which is $79,500. I think its worth that. The property is also listed for rent with a property management company, who won't approach the seller on my behalf with a lease-option offer. The real-estate agent doesn't want to approach with a lease-option since it means a possible loss of commission for her. What is the best (low or no down payment) way of approaching this deal. This is my first deal - HELP! please. I don't want to buy this duplex for more than $70,000. Thanks, in advance.
A couple of things:
1. You say that you "think" the property is worth $79,500. You should KNOW what the property is worth before making an offer.
2. It doesn't sound like this seller is modivated enough yet. You may try some direct mail marketing to get the seller to call you.
I might consider passing on this deal. non-modivated buyer usually means no deal.
Are you talking to the sellers realtor or you're own?
If it's the sellers, tell he she'll be comp'ed on the back and and this is a legit offer she should present.
If it's your's, get a new agent.
Is he will to carry back a note?
Under stand the real value and make a "to do" list (ala a short) sale as to why the place isn't worth that much.
Or move on to the next deal an wait and watch.
First of all, if you've decided that 70k is the magic number don't deviate.
If they don't come down to what you want pass. Secondly, to get it done with little or no money we need more details. What will it appraise for?
The agent is the sellers, not mine. What does it mean to "comp". I mean, how much money does that mean to the sellers agent? I know, not just think, the property is worth $79,500 in its present condition and already have worked up a schedule of repairs, including 20% for unscheduled, and it comes to 15k.