I got a call from an extremely motivated seller, but his payment is $2300 and that’s really high here in GA. What are my options in regards to structuring a lease option/subject to? Thanks.
You tell us.
You’ve stated that the seller is “motivated” and that they have
high payments to the tune of $2300/mo.
Neither of these varibles matter unless there is something to warrant
a purchase/deal structure by you…meaning, is there any equity
to make this worthwhile?
What’s the #s, goosen?
He owes 387k. Here are some of the comps. the house was built less than a year ago. Thanks.
$486,600
$504,600
$438,300
$386,800
$409,900
$468,000
$433,300
$459,600
well those comps are probably new home sales so they may not be valid. You need to see if the builder is still building in the sub division. if they are building similiar homes, your guy may be screwed. If the sub division is sold out and theres no homes for sale, you may be able to get a quick sale.
Can you pay the arrears and maybe do an equity split? Sell the house and give him part of the profits?
Get him to carry a portion of the monthly payment. If not walk. You have to sell him on his options. Get a lease option person lined up before you deal. Give him a NEO option.
Boyd
what is a NEO option?
Non-Exclusive Option