OfflineHi all. I need help structuring this deal. I want it for rehab, if I can get it.
Here's the situation...
Call from bandit sign...Motivated seller, estate sale, not on mls
10K rehab (carpet, paint, porch rebuild and bathroom/kitchen update) ok...maybe 15K
MINimum arv 150K (bare min. i KNOW i can sell for)
realistic arv 180K
Highend arv 220K
Seller owes 130K, (that includes back taxes..will sell for that. But she took too long gettting back to me (3 weeks since original call) and I lost my buyer for assign (found new project). Plus, with finding out what owed to mort leaves nothing for my buyers (most want 30% or pay less than 100K)
My thoughts... get into with no money. See if they can let me purchase end of April. Rehab mar and april. Find contractor willing to let me pay at sale of house. Work on finding retail buyer in meantime do doubleclose End of April (if not sooner).
Do-able? How to present to seller? How to structure legally??? I need to know quick...Have to give seller answer by Sunday. (today Friday)
Thanks in advance! Rachael.
no one?? Really??
What does the seller realistically expect to net from the deal and what is their motivation to sell? In other words, what kind of a solution do you have to offer.