creative seller financing?

They want $239k out of a $160k house?!!! About the only thing you could do is bring them down to reality with comparable sales. No one in their right mind is going to over pay that much for a house.

For example, if the buyer gets bank financing they will have to get an appraisal. Deal is dead.

If the buyer does owner financing, they are morons for paying above market value.

Sorry, but reality hurts. I would want to know, as their friend, why they "need" so much. That knowledge may help to know how to break the news.

This is exactly what I would do - find their magic buttons. You already know WHY they want to move and now you must EXTRACT all pertinent info to VERY the numbers they r looking for. Have you asked - would you take what you owe ? And have they been honest with what they REALLY want for the property ? You may give them a verbal offer to TEST them on what they may accept.
I would show them comps as stated above and that would show them reality. Maybe they have refinanced to do repairs or used the $$ for something else? You don't know till you LISTEN after you ask them directed questions to get these answers. It is possible they owe very little and are just hard nosed business minds or they just may be telling the truth on what they NEED for it. No matter the price , it is worth a shot to do the numbers on a seller finance deal or land contract ONLY if you can find a buyer willing to pay more. In most cases a seller financed deal is what could make it a win / win. Deal in overpriced situations.
I have created deals where their is more owed on the property than it's worth and found buyers only because I offered nothing down or very little and found buyers that did not have ALOT to put down but could make higher payments and didn't mind paying a higher than FMV and interest just to not waste $$ renting. With the numbers you r stating it does not sound at all to be something u can spend too much time on except to find out through the task of asking and listening to find out the REAL # they will accept !!
Good luck and get to work ) it COULD still be alive !!!!
Jay

Hey Lewis,

If they are that far off you best walk away, unless you like wasting time.
Just imaging, even if they sell it to you for half their asking price, you still only have a 25 percent discount based on the value.

Good luck to you.

Thomas

Stuck on $239k for a year and a half doesn't sound very motivated to me. Find out how much they owe, give them an offer based on your numbers.

I would exactly ask them like Jay said if they would take what they owe or see wht other amount, show them comps, if they don't budge then yea move on.

awesome responses thanks guys. I have been overwhelmed with my primary business (refrigeration and appliance repair) and havn't had any time to work any real estate stuff lately. will definite get back in touch with her and try to figure out the deal.

thanks guys !

I have a FULL time job also and I know like you that LIFE gets in the way if we let it. Stay on course with some real estate every day or months will go by and you will not have accomplished anything in real estate. Baby steps will propell you forward. DO IT !!!!
Momentum will carry you )
Jay

I guess I would want to know exactly why they are asking so much. If we can understand the motivation behind a seller, then we are in a much better position to create a deal that will meet their needs. You may even be able to find a better way to satisfy their motivation.

Let us know what happens, I am simply curious to see how it turns out.