Got a call from seller today, from our conversation sound like he will go for sub 2, Im meeting him at 1pm tommorrow. Its a high end house in “perfect condition” but there are not many comps for the area. the area is very spotty, nice houses next to the ghetto.
When I had my agent friend comp. it, turns out it is curently listed, he did not tell me this.
listed at $515K
owes 459K
tells me he just wants $459k to get out of payments
mo. payment of $3300 piti no hoa
had it rented for 3300
comps are all over the place, from 330k to 560k, but it does seem like this one would be at the top.
My idea. take $459k sub 2 if he pays the next payment which is for feb. anyway(arrears). Think I can make that work on a CFD sale?
Anybody know the vegas market, think this makes sence? The area is nellis and Lake mead. Did I mention this would be my 1st sub 2 deal?
Thanks, J
Unless you have someone ready to put down a chunk of money and make payments PITI so you have $500/mo cash flow, pass. You can’t afford to make a commitment to make his payments.
I argee with Bud. The seller has gotten into a situation and unless you are prepared to carry the property for a few months, I would pass as well. Great deals are only great if you can make it work. This could be a potential disaster for you.
I am in Vegas and I know the area you are talking. Its tricky becuase I think the expectation that is that we are going to have another crazy spring. Which means this could be a good deal if you flip it. He just have but it on the market too soon. I have seen some good deals in the past few months. So I think if could hold to it for a month or two it may be worth it. I am no expert but, I watch realtor.com daily in various areas for homes.
But this person sounds kind of shady since they did not tell you the place is already on the market. So in summation I would say beware.
Thank for all the input. I am still talking to him. He did tell me after I wrote that that it was listed. I made him an offet to take over his payments only, sowe will see.