Need Some Ideas
1950 sf, 3br/2ba with office
One year old; it looks like they paid $160k,
and the loan was for $128k (2.875% ARM)
I don't have any comps yet, but new houses
in the same area are listing for $94/sf. At
$90/sf, this one would be $175k.
If their perceived value is anywhere near
$175k, I'm not sure how we're going to
get this one dowm low enough. Even at $160k, it looks
like there's a good deal of equity. However,
they did call on a postcard, so they have to
be motivated for some reason.
Any ideas would be appreciated.
Ask them what they want to get out of the sale. If your buying the house "subject to" then the equity is where the question is. Ask them how much they expect to get for the equity. Then ask them if they want it right now or if they'll give you time to lease and sell the house. Find out what they expect before you write this one off. Good luck
IF they get 175k from a realtor they have to pay about 15k in fees. How many more months will they make their mortgage payments before they get a buyer? Headache of having to leave the house when a potential buyer comes to look. Sell to you and there is no pressure to be out by a certain date. They don't get any money until they move out.
Hit them w/ the emotional aspect of selling and you are solving all of their headaches.
We use land trust and have never registered a trust. That is the entire point. I will say I am not familar with your state but it would be pointless to use a LT and register the Trust. Just register the Deed that places the property in the trust. That is how it works in our state.
Sire