Ok, how should I work this deal? Are there any options?

Owed on loan- $185k
Person thinks it is worth $199k
In reality Zillow shows 3-4 recent sales for the last 2-3 months ranging from low $160’s for the most recent and 3 months back were $170’s. Going back 8 months they were in the low $180’s. Obviously a little slump in that area so no real big appreciation leaps to bank on even if I was foolish enough to do so.
Person is moving, making 2 payments and needs out asap.
Most it could rent for being in a nice town like it is, maybe $1200/mo.
2bd, 1.5ba, 1098sq/ft
Checked off the option on my site that he would be open to creative options to buy.

Is there anyway this seller’s desperation can be used to make some money on this? With him owing more than its worth realistically and rents not being high enough to take it sub2 what other options are available? Looks like a loser deal and worse than retail, what do you guys think?

Are the payments current? If not, then what about a short sale?


This is what I typically hear from sellers. They owe as much or more than the property’s worth. They are certainly not desperate if they want $185K, $199K, or anything close to that. If the owner is desperate, are they willing to bring $50K or $60K to the closing to make this a good deal? Otherwise, there’s no deal here.


As far as I know yes and when he replied back to my first email his email signature denoted that he was an attorney so I think proving hardship is out. He’s just damn interested in getting away from paying 2 payments.

It’s basically a loser deal. Probably the only way to make money on this is to be a broker and find a buyer for it.

Just did this for a client of mine. Everyone in the complex was asking $260-$280k, there were two recent comps for $225k, this was a slightly larger unit with a better layout so we got it for $235k. Owner paid $244k one year ago. Across the street there was also an owner that paid $250k for a unit two years ago, slightly larger and he was willing to let it go for $230k.

Friend of mine bought a condo in a different town two years ago for $254k, they were selling for $270-$290k just last year. Right now there’s a few on the market in the $230-240k range.

Depending on where you are, prices may have collapsed. They could be firming up again too because in that complex there were 3-4 units for sale at the time, now it’s down to just two units. My phone is also ringing like crazy this week, I guess there’s a big jump in interest after the Superbowl. I have one unit for sale that I gotten 4 calls on in the last 3 months, I just got 5 calls on it this week. Hopefully it leads to a sale…