I’m looking at the following deal (at least I think I might be able to turn it into a deal) and I would appreciate some advice from those that have been around the block a time or two.
Property: 3/2.5 1800 sq ft
Asking Price: $294,950
Asking Rent: $1500 (it is both for sale and for rent)
Market Rent: $1500-1600
Most recent appraisal: $299,000
Tax value: $254,000
My best estimate of the value: $285,000
Other helpful information…
The seller bought a new house and this one has been vacant since August. I know the seller has rejected some offers at $275,000 and commented that she would only sell if she could get her asking price (optimistic in this market). The seller also stated her intention to maintain control over the deal and fully intends to personally approve any tenant-buyers that I place in the property.
I haven’t gotten far enough into the negotiation process yet to know if the seller is just playing hard to get because she thinks she needs to be that way, but the prevailing attitude seems to be fairly inflexible. Any thoughts on tackling this one as a lease option? Is there some wiggle room here? Any advice on how to succesfully approach this seller? Or is it better to find someone else? Any advice/thoughts would be appreciated. Thank you.