OfflineHere's the deal:
Couple had a small home and decided to upgrade and bought another home w/out selling first home. They put house on market 3 yrs. ago listed over 50K. I looked at house w/my sister-in-law then and told her it was way overpriced and not to buy or put in a low offer. Note: It's her best friend from high school who is selling it. Fast forward 3 yrs. : still on the market today and agent told me today they are trying to short sale it. It's now listed at 35K. Totalview estimate is $47K. I don't know their current financial situation, but if I had a workable plan to present to them, I would feel very comfortable approaching them about it.
Would this be as situation for a lease option or a subject to. I'm strapped on cash, as it looks like my HELOC is going to be drained from another potential deal (if it goes through). I'm a newbie and working on my first deal, and this seems like it has potential.
Side note: the listing agent is also my agent if that matters at all.
Thanks in advance for any and all advice!!!
Sheila
"If God is for us, who can ever be against us?" Romans 8:31 NLT
Also, just to add, it is move-in ready. Very well taken care of and I think it would be a perfect starter house for someone who may not be able to get financed and might be interested in a rent-to-own, lease option type deal. I'm not sure the difference between that and subject to.
Sheila
"If God is for us, who can ever be against us?" Romans 8:31 NLT