Maybe you could give us a hand on this deal we have a home locked up with PA and a profit spread of 60,000-70,000 and now we need to sell in the next 30 days. We don’t want to close but if we do the seller will pay mortgage for two months giving us an extra two months to market.The home is in Woodhaven MI. with comps in the area from 290,000-310,000 with same floor plan and square feet. We have under contract for $219,900 with 2.5% sell concession. This Property is currtently listed, also we have a buyers agent we are finding hard to market with it still being on mls at 219,900 we need to sell reasonable time if we close cause holding cost will be way too high how can we structure this deal to get out in the next 30 days (1)doing all out blitz and selling at discount to end buyer and structure so we can cash out without closing 2.close refinace pull some equity then continue to sell with or without best realtor in town, 3. Refinance some cash out and do lease option, little on high side to lease option at 2200 month but possible, 4. Owner Finance, have a note buyer and structurer lined up 5, Auction, we have not told seller this and with two realtors we may be better off auctioning after we close, we already have a PA and closing date less than 30 days. Need Help please!! ???
Here’s your main problem. You should have gotten an answer to this question BEFORE you even made an offer. This may end up an expensive learning experience.
Why was this property listed on the MLS for $220K when comps were $300K? Does it need work? What?
What’s your market, a buyer’s market? a seller’s market? Hot? Cold? Stable?
Is $300K a high end house, or middle class?
These are just a few questions that need answered before anyone can give you any real help.
Raj
Yeah we do agree with that we did realize it was on the market for same price althought we got a small discount. But looking at comps houses in the area and all available houses in the area the house is a great price at around 275,000, maybe 280. The seller was highly motivated and needed to sell started at 299,000 and went down from their. We saw it did our homework and figured it is possible deal. The house is also nice inside by the way. Our market isnt cold but cool. This is a middle class type house annual income for family 50-60,000. This why our concern is so high becuase if it was a knock down which nothing really is we would buy the home and sell it maybe after upgrading lights ect. But it is definately an opportunity, this house marketed correctly can sell for the 260’s but it may take 45-90 days. That would be a great price. We would have 30000 orso profit. We did offfer a few websites and investor network around MI a 4% bonus to bring us a seller. Or anyone else for that matter.
ore,
Unless I’m missing something, it seems that you’re missing a point that you’re making.
Originally, you said that comps were $300K. Now comps show that it’s good at $275K? And if it’s marketed correctly, it’ll only sell for the $260’s?
The sellers had it listed on the MLS (an open market) for $299K for how long? How fast did the price drop? Were there any other offers on the property at $230K?
Again, maybe I’m missing something, and I know I don’t know your market, but from what you’ve posted, sounds like that you bought at, or very near, the true FMV of the property.
Raj
Sorry, I just had to comment on this statement. I’m only speaking from my point of view here, but a ~$260k property would be almost impossible to obtain from a family who’s annual income is $50k-$60k. Where did you get that number? Even with 20% down (which would be an entire year’s salary, btw) they would still be financing over $200k.
Am I off base here? If not, I suggest you take a hard look at your numbers and quantify them based on reality. This is just my opinion, but if I were you I’d take advantage of your exit clause on your contract (you do have one, correct?) and find another deal.
Where in Ft Worth, Bob? Christmas I looked hard at the Wedgewood area (I bought my girl’s new Golden Retriever puppy) there on the west side of Hulen. Looked like that area’s ripe for the picking…at 130’s for a nice sized 3/2/2.
Regards,
Dave
Hi David,
I live out in the sticks in Haslet, near Alliance Airport. I haven’t looked around in the Wedgewood area, but there are deals in and around Cowtown depending on what you plan to do with the property.
In fact, I’m about to post about two properties I saw today to get some feedback from the group. I’d love your opinion on my possible deal(s)…
Hey Bob,
If you’re out by Alliance, ol’ Ross Perot already owns it all…lol. That area’s alot of relatively new construction isn’t it? It was dark last time I passed that way… 
Sure was lit up nice for the Holidays, though. ;D I’m actually looking to do lots in Texas in the coming months now that the Texas Legislature has cooled down and my agreements have been blessed off on. Had a former friend, RE agent that was going to open up that market for me…He made too much money too quickly and ended up getting on drugs and off to prison. He’s kind of a small fellow to be doing well at Huntsville… 
Good chatting with you, be glad to help.
Regards,
Dave
Do you mean “lots” as in land lots, or “lots” as in “lots of deals?” 
When you’re in the area, I’d love to buy you lunch and compare notes. I still have a j.o.b. and work in Irving for Microsoft Corporation, but I can take a long lunch - my manager is in Redmond.