I’ve only done 4 deals so far, so I’m just getting started in this investors arena and have a potential deal. The seller is a relative of mine and just wants to get out of the house. She bought the house for 289k and is coming up on their 3rd month behind in payments. Their is also a second for 15k. The house is worth 315k.
monthly 1st=$1586
2nd=$212
Should I negotiate with the lender on price, then try to get the second decreased?
Or should I lease option the house and try to sale or rent?
The seller is open to just about anything.
Or should I just let go of the deal?!?
So get someone else to help you negotiate and you buy. buy it out of an estate trust instead of personally. if you need some expert negotiation, and i certainly advise on a deal like this go for the short sale, if it fails you can always lease option it, i may be able to help w/the negotiating. heck you could buy it, lease it back to your family until they get their finances in order, and sell it back to them.