I have a motivated seller… They want to sell the house for what they owe, $75,000 They also want a moving expense of $6,500 How would i put this house under contract…? what do i need to do in order for them to get their moving expense…? the house is a light rehab project… They paid $95,000 for it. :banghead
I would not consider it a deal. $6,500 cash plus rehab cost puts it at retail.
4,000 (paint + carpet + small misc)
4,000 (holding costs (mortgage payments + utilities for few months)
xxxxx (closing costs to buy and probably to sell as well depending on your exit strategy)
One number that hasn’t been mentioned yet is ARV…what will the property be worth once fixed up? If it’s worth what they paid, then yes, it’s not a deal, but if the current ARV is higher, then it will depend on what that number is.