I have a women that will sell me her house for the amount she owes. She says $220K. Some of the homes in the area are going for $250-290K. Home is 3/2 with a pool and 1 acre land in Central Florida. House is also in excellent shape. Should I take this deal and assign it? Does anyone know how the market is here Florida’s east coast?
Thanks for the help.
Ken
Selling for and actually sold at are 2 very different numbers. Find out what comparable houses have SOLD for in the past 2 months or so. Markets nationwide are getting worse, houses are staying on the market longer and prices are falling. Relying on what people are selling for won’t work, especially when it might have been for sale at that price for the past 6-8 months and garnering no offers.
Also, as far as assigning it goes it’s most likely not going to happen. If its worth $250k and you can get it for $220k you are at 88% of value. What investor wants any part of that slim of a margin?
It may be an opportunity to take it Subject-2 and to lease-option it to a tenant buyer but you need to make sure you know the terms of the mortgage you are taking over (i.e. is it adjustable, etc). Also, what is the monthly payments and is it less than what you could get as a rental.