I may have my first deal. Kudos to BluestarHomes for giving me great ideas and calming my nerves… . .
Got a response to my website - Property is a SFH built in 1963 - 2000 sq ft on a 20,000 lot. Comps that I could pull from websites have a 2,276 sq. ft home on same road sold March 31, 05 for $475K (built 1997), another close house sold July 7, 2005 for $300K at 1,066 sq. ft (built 1962), and yet another - this one on the same road agin - sold 10/2004 for $274.5K at 1,568 sq. ft.
Owned since 1998 but lived there for 33 years. Owner says no major repairs need to be done that he’s aware of. Selling because wants to move. . . in Decemer. One month behind in mortgage payments. Owe approx 270K on the home - are asking $325, minimum all-cash offer they’ll take at this point response was $310K.
Bluestar gave a great idea of working with a property value of 350K - if that is indeed what it is truly worth - to see if I could catch him up on payments, check into getting the deed (is this an assumption or a sub-2, don’t know all the terminology yet), giving him the cash he needs now. . . fixing the house and then selling. The problem I see with this is that they don’t want to move until December.
My question is how can I structure this. . .if the numbers can work. . . and purchase but they don’t want to move until Decem ber. I’m afraid if I let them stay in the home, they won’t want to move and then I’ll have to go through an eviction process.
Right now I can talk with them because they are not within 41 days of foreclosure by any means. . .but may be headed there soon and the MD law precludes me purchasing their home if they are in that position which I won’t get into detail here on. . . so they have 2 months to go, basically, before they are in default and an NOD gets filed. . . this is THE ideal time to talk and try to structure a deal. . .
How can I go about this? I’m excited, scared, excited, worried, EXCITED!! and just trying to keep a level head. I know that they are not motivated by their projected selling date. . . but they ARE 1 month behind in payments and could be looking for debt relief.
Please give me what you would do in this situation!