Hi,
I need urgent advice on this one.
A house 6 bedroom/4 bath is for sale in Surrey. It was listed by the owner but recently got listed with a realtor. Initially priced at 500K, now listed for 470K. I talked with the owner and is desperate to move to Alberta. Basically selling the house is the only thing holding them.
ARV: $500,000 (That`s what the owner told me, need due diligence here)
Asking price: $470,000
Mortgage owed to the bank (they didn`t know for sure but think is around 270, although initially she told me 203K)
Payments: $2000 a month
Pretty house, a few years old no repairs
I asked twice if they would sell the house for what they owed to the bank, and they said yes... but they want to talk with the realtor. Basically I am going to do an appointment on Sunday to go to see the house and talk with the owner and the realtor.
I am still digesting Legrand techniques but I think I have two options here:
1. I buy cash for 270 with a Private Lender plus some cash to his Realtor, or
2. Lease option for their payments, and put a tenant buyer with a lease option ( I was thinking to ask for 3000? )
What do you guys think? I am super stressed! I never bought a property before!
I told her that I would probably call her before the meeting for more details Am I missing something here?
Miguel
I need urgent advice on this one.
A house 6 bedroom/4 bath is for sale in Surrey. It was listed by the owner but recently got listed with a realtor. Initially priced at 500K, now listed for 470K. I talked with the owner and is desperate to move to Alberta. Basically selling the house is the only thing holding them.
ARV: $500,000 (That`s what the owner told me, need due diligence here)
Asking price: $470,000
Mortgage owed to the bank (they didn`t know for sure but think is around 270, although initially she told me 203K)
Payments: $2000 a month
Pretty house, a few years old no repairs
I asked twice if they would sell the house for what they owed to the bank, and they said yes... but they want to talk with the realtor. Basically I am going to do an appointment on Sunday to go to see the house and talk with the owner and the realtor.
I am still digesting Legrand techniques but I think I have two options here:
1. I buy cash for 270 with a Private Lender plus some cash to his Realtor, or
2. Lease option for their payments, and put a tenant buyer with a lease option ( I was thinking to ask for 3000? )
What do you guys think? I am super stressed! I never bought a property before!
I told her that I would probably call her before the meeting for more details Am I missing something here?
Miguel