Owners who overvalue their property

[Sam M.]

Anyone have a strategy for dealing with FSBO's who want more than what the market will bear?
A property is owned free and clear but needs a lot of help. ( 65k + cost of money, selling cost and holding costs. My calculations put the ARV at 200K tops but owner thinks 250K+ :roll:
She didn't take my offer but I based my offer on FMV not an inflated idea.
Is is effective to make an unrealisticly high offer based on the owners precieved value and make it contingent on comps - 3% or something of that nature so as to give the owner a reality check. Or am I barking up the wrong tree.
Thanks

[Jon Holdman]

I'd come up with an offer for what its worth to you. All cash, since that's what they really need. Give or send copies to the kids and the aunt, maybe the grandma. Tell them to give you a call if they want to talk.

The executor of a will has responsibility (I think, no expert on probate) to see the will is executed as intended. They shouldn't have power over what the recipients do with what they get. OTOH, family politics may be coming into play. So, while I don't think the aunt has any legal standing to block the kids selling the house to you, she may have enough influence over them to do just that.

You might point out the money they owe the grandma could be recorded as liens against the property. Then, when you purchase, the title company would pay that money directly to grandma. Property taxes would also get paid out of the sale. The kids would get whatever is left over.