Anatomy Of A Deal Part 2 (Arizona Follow Up)
After receiving some negative follow-ups about my "ethics" on the Fed-Ex idea I was not going to post anymore info but I received sooo many private messages and emails about how it helped I decided to follow up on this deal so here goes.
HISTORY in case you missed it
Numbers of the deal:
4/2/2 in a $prime$ part of town. Best school system in Oklahoma.
Home was built in 2002 and is worth around $170,000. He owes $160,000 and was asking $165,000 but after some talking he asked me yes folks he asked me if I would do the deal for just what he owed on it. The payment home for the home is $1156 a month and I should have no problem getting $1300.
All payments are current, no second mortgage, no open line of credit.
Negotiations:
1. As I said before I usually get up to three months of payments for homes but I sensed this might be a snagg in in the deal so I only asked for two. How did I ask for two...simple. I told him even if the Realtor called him today and said they have a person who wants to make an offer on the home that it is going to take 30-40 days for the final closing to happen. He still would be looking at making the August and September payments while this is going on. He agreed.
2. I need $150 for title search and notary fees. Agreed
3. I need the utilities left on for 15 days after he moves out in order to get my cleaning crews and marketing crews in the home. Agreed
4. Carpets cleaned, and lawned mowed or bring money to closing for it to be done. Agreed
_________________
Closed on the home tonight:
got everything I wanted, 2month's of payments for August & Sept, $150 for closing, carpets cleaned, utilities left on until 9-1-04.
The only snag was on the Refridge. Wanted them to leave the one in the house, but they really wanted to take it. New and still paying on it. So I told them the home would be harder to market without one, and I might need that third month of payment to find the right Tenant/ Buyer. After some talking we settled that they would go buy one of lesser value over the weekend.
Got the home for $161,000, with PITI of $1,151. Asking $179,900 with somewhere payment of $1,200 - $1450
Posted my signs and flyers when I left.
HERE's THE COOL DEAL!
Stopped at the local Irish Pub for a brew after the meeting. By the time I got home tonight I had 2 people send me emails and fill out applications about wanting the home. Both can afford what I'm asking (or at least they say) and want me to call them ASAP tomorrow.
Pics of the house and details of it will be on my web site tomorrow by 10:00 A..M.
Will post a part three when the house is filled.
Rob Carroll
AHS
p.s. Thanks Fed-EX :-D
CONGRATS
Hooray. Good stuff!
Great Job!!!!!!!!
Thats great, Congrats
You bought this Sub2 and are selling on a lease option. Is there any particular reason you aren't selling CFD. or do you just prefer the L/O?
By the way, I like your website. It sounds your advertising drives buyers and sellers there. Has that method been working well for you?