Off Market Deal

[Chris Nare]

Hi, I found a condo next to one we just bought, and is off the market that the seller bought in 2014. The comps say it is with about 150K and needs about $12-15K in cosmetic updates. The HOA is $225/month. It would rent for about $1700/month. the seller is looking to sell to get money out to use for a family medical need.

I would like to figure out how I can make at least two offers to the seller. I am thinking of making a more traditional offer and a seller-financed offer. I have not made a seller offer before. So looking for some guidance on structuring the offer or any other ideas on how to get this condo preferably without using a bank. 

[Nicholas L.]

@Chris Nare happy to help, PM me

[Ben Miller]

I suggest seeing what they paid in 2014 to make some assumptions about what they owe so you know what goes into their pocket for hospital expenses vs to the bank. 
Your traditional offer is the anchor, it will be low and slower to close. The seller finance option would be higher sale price and close faster. Terms, for example, could be $56k down with $1000 monthly payments for the next 8 years to give them a solid initial amount.