2 PROPERTIES IN NJ SELLER IS PARTIAL MOTIVATED NEED GUIDANCE

Foreclosures, Short Sales, Tax Foreclosures
1

DUPLEX IN STRATFORD 2 br 1 bath, 2 br 1 bath… was never zoned as a duplex but is built like one: ASKING “NO LESS THEN $100,000” NEEDS 50K WORTH OF WORK. Sorry about the caps…

Woodbury property 3 bedroom 1.5 bath bungalow
Seller wants to sell both properties at once to take care of her mother and buy a house for everyone to live in.
Needs $15000 worth of work.

Seller wants to just sell the properties to get out from under them. She doesnt want to lease option, she doesnt want to do any seller financing… i asked her if she would sell it for what she owes on it, and she said no. She says her husband is a real estate agent, she just doesnt want to list it because she doesnt want them to sit on the market for so long. I really don’t see this being a deal, but, I’m interested in any advice or info someone could offer I maybe havent thought of.

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Rexsinga,

Sounds like you did what you should have. You tried to get the properties for what they owe, you tried seller financing, and lease option. They won’t budge, plus the husband is a Realtor so listing it will be no problem for them.

It’s pretty difficult to make a $150,000 (100,000 + 50,000) duplex cash flow. You would have to be getting some serious rent from both sides. With properties that need this amount of rehab, I would ONLY buy them if they were really great deals. You did what you could, and nothing came of it. It doesn’t hurt to just throw down a LOW bid and see what happens. If they accept, GREAT. If not, oh well.