Flip 200k

Ok here is the question i founf this house that a buudy of mine knows the owner. The thing is the ladys husband died and the house was paid off back in 92. The lady is old and just wants to get rid of it for 300k house is 3,000 sqft on a 14000sqft lot, the house easily comes in at 690k i have a buyer that wants to buy it for 500k since its worth 690k
I am trying to do a double escrow so the ladys kids dont know and become greedy and tell her dont sell it to me and wait . What can i do?

First…you DON’T want to “keep” secrets, especially with senior citizens. Does the lady have ALL of her facilities? It would be to your interest to have her children involved.

There should be no problem, you have her on a contract at her price, do a double close with your buyer. If your title company knows what they are doing you and the lady will be in one room, close your transaction with her, and next you will be in a room with your buyers and close the transaction with them.(preferably vice versa, unless you have the funds)

Lady and children know she got her 300K and go home. end.

Buyer knows he paid his price. end…

You have your money. end…

Make sense?

Lonestar is right,you better inform the kids of this deal because theres 2 things you dont want to happen.

  1. you took advantage of a little old lady

  2. you avoid a lawsuit of them trying to prove this,plus ruining your name for you being one that would do this.

If you inform the kids and they are all right with the price then get a contract signed and have your buyer in place and double close.

Hopefully you won’t be the person buying from me when I’m a senior citizen which won’t take long for me to get their as I’m already 47.

You demonize the fact the lady’s kids will get greedy, but conveniently omit the fact you prefer to have all the greed to yourself.

As others have already posted … I would not engage in any transaction unless all the cards were on the table and A) Her children know you are going to flip it the same day and B) You are entitled to some funds for finding someone buying it a higher price.

Seems to me the numbers don’t make sense but if you do succeed under “secretive” conditions you can get sued for taking advantage of her later in court.

:smiley: kids looking out for the mother are now labeled ‘greedy’

i chuckle

Is this woman even aware of the market value of her home, $690k vs $300k? Seems that she isn’t and maybe the kids should be involved to protect their mother and their inheritence. This deal has lawsuit written all over it.

Full disclosure, get the kids involved.

well what is going to happen is that they are going to tear down the house i found a devolper who wants to buil houses all around that area so im not being greedy there going to tell me then why dont we sell it then there house will remain on the market again for another year so that will be 4 years with a for sale sign becuase they think they can sell for that aount

besides the kids put the mom in a retirement home the kids are just waiting to make a quick buck we have been trying to deal with this lady for quite some time. She wants to use the money but her kids are controlling the sale and she is not old to were she cant think on her own

I don’t know about where you are but in Tx, if a person is in the nursing home and then their house sells the state will take the proceeds for your care. Now, if the nursing home person had prior arrangements like had the house, assets all ready placed in a trust or in another family members name then the state can’t touch it providing it was all transferred a minimum of 3 years prior to going into the nursing home.

Well now the state just passed that the 3 years was not good enough so they will go back now to 5 tears. So seems like all assets should be transferred a good 6-8 years before you decide to enter a nursing home! whew.

Anyway just my 2 cents…