OfflineI have an owner of a home that wants to sell. He lives out of the area, his mother is ill and needs to sell now. He needs and has accepted an offer from me of 20,000. I know I can resale the home for 60,000. I am a realtor here and have pulled comps in the area. What would be my best avenue of approach. I do not have the cash to give him at this moment. Any advice would be greatly appreciated. He owes nothing on the home it is free and clear.
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Please fill out your bio. The best place to start is to get it under contract. Then advertise the home and find and end buyer. You don't mention if the home is vacant, or if his mother is living in the home, but you can be honest and bring another buyer in and tell the owner you had to pass this one over to someone else. Likely they will not care, they just want their home sold and the money!
You would assign the contract to the new buyer.
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I agree with Tammy.Get it locked up.Also, please put at least some basic info. in your profile.