Our first offer was doing it subject to, “relieving you of your mortgage debt”.
he wanted nothing to do with having another mortgage on his name even though he would have received more money at closing if he allowed us to do so… I couldn’t figure this one out. Obviously my approach to the whole relieving him of his debt by taking it over wasn’t well presented.
He wanted to get rid of the property as quickly as possible and would take the discount as such. He couldn’t afford to make payments on the house as well as his other credit card debts anymore.
I’ve looked at 4-5 other comparables and 240K is a fair number. Some properties have sold for 250-260.
still - his asking price is only about 16% off ARV. You should be offering him around $170 - although with his $100K in debts, this is not likely to be something he is interested in, but you could try.
This 15% is really tight with fees and such for closings. And supposed you cannot get $240 for the house? And you have to hold it for a while paying the mortgage?