I agree. jesmar that WAS kinda rude. You have no idea who this person is or anything about them. I’m suspicious of the deal too but your response was poor at best and served to assist no one. Let’s try to rein back these sorts of comments.
Keith
Moderator
If your nervous, give her $1000 and put the thing in an option agreement for $250,000 for 60 days. If it’s the screamin’ deal you think it is you can blow it out for $350,000 and make a $99,000 profit on a $1000 investment.
If you get that option deal signed she CAN NOT sell the home for the 60 day period to anyone but you. Even if you don’t blow it out for the $350K at LEAST it LOCKS it up for you for 60 days which gives you time to do some more digging. If it IS a great deal you can assign the option or buy the property for the $250,000 yourself and rehab it. Worst case scenerio you lose $1000 and LEARN A TON!!!
GET SOMETHING SIGNED TODAY!!!
I agree with fdjake to get something signed.
But I would not give her any option money into her hand. That goes into escrow BECAUSE the property is so upside down and I have never heard of a seller willing to come to the closing table with $250,000 cash to get rid of a house. I’m not saying it can’t be true, but it definately does not pass the eyebrow test.
Be certain that your buyer understands that she (the seller) is supposed to come to closing with all that cash, and you make your re-sale contingient upon her doing that. You don’t want to have a contract to sell the property for $350,000 and then you find out that she (the seller) doesn’t have $2 to her name.
If it were me, I’d have it secured in my name with title insurance before I resold it. Maybe it’s a fine deal, but you know how you catch a tiger. You place a juicy big chunk of meat inside a trap. Greedy tigers get caught in the trap. Experienced tigers circle around and take a look at the meat from all sides to make sure it isn’t a trap.
Get contracts signed and then take your time to study your deal and make sure is is all as represented.
By the way, have you seen this house?
Hello,
What does the husband have to say about the deal?
Is he on title?
Patrick
It may be the hlf of a divorce settlement court ordered … if she has power and wants to defer that certainly is her / their private business all you are to do is originate a great valued property for a cheaper price and leave her alone to the sellers loss that is the game… your gain with no pain you ae are not the one that should ask anything other than what you already have to stay a " nice man"
Happy Chinese New Year !
Something is not right with this one. I think she really is too motivated. Get it under contract and be careful with this, but if it goes sour, then just let it go and move on to the next deal. Don’t get attached!