Odd Property

I received a call from a seller of a listed property, who has relocated out of state to be with his daughter that has cancer. He would like to cancel his listing so that he can sell his property and move on. Apparently, he just lost his job and is worried about having to pay rent where he is living now, plus having to pay the mortgage on his house.

After speaking with the seller by phone, I drove by the property to check it out. The neighborhood is a very nice, quiet suburban neighborhood, but his house stands out like a sore thumb. It appears to have had some sort of odd remodel done to the front of it, and the paint color is an ugly mustard. Also, the driveway has a very steep slope with a bit of a dangerous drop-off. What do you say to a seller with these kinds of oddities without offending them?

From our phone conversation, he is looking to be rid of the property with some cash in his pocket to move on. I was thinking that if I got it cheap enough, I would wholesale it an investor to fix the strange features. Here are the numbers:

ARV - $325K
Listed for $300K - he’s not sure how much he would take if I could close quickly, but he understands that he would have to pay commissions to a realtor, plus other costs in a traditional sale
Mort Balance - $152K
House - Single story, 4bd, 2.5ba, 1900 sq ft.



It sounds like he has pretty good equity which is a good thing. It always comes down to numbers. If you can get a good deal and wholesale it, go for it.

Most sellers know the issues with their home, I think you can talk about them without offending him. It’s a numbers game, figure out what your offer should be and let him know. If it doesn’t work for him, than maybe it’s not the deal you were hoping.