Owner must sale because of death of relative, property is clear

[Jorge Pimienta]

Hello everyone been a member for a while but I am finally thinking of pulling the trigger on my first flip/ and hopefully seller financing. I have a home that a mom passed and her son cannot afford to stay in NJ and wants to move to PA. I believe he found a place and has to move by the end of December 2022. It is a single family split level home, it is an older property. I will be able to see the inside in two days. I believe it is going to be very out dated but maintained enough for the house to be livable. 

Question is how to tackle the financing end of it. I believe I can get him to lower his price of 450K sense he did say it was negotiable. Comps are running at around 520K fully updated.

Should I ask for seller financing or what other type.......I was hoping to buy it, fix it and sale it or keep depending on the prices when i go to sale. 

Any suggestions or ideas will be truly appreciated. 

[Bob Stevens]

Quote from @Jorge Pimienta:

Hello everyone been a member for a while but I am finally thinking of pulling the trigger on my first flip/ and hopefully seller financing. I have a home that a mom passed and her son cannot afford to stay in NJ and wants to move to PA. I believe he found a place and has to move by the end of December 2022. It is a single family split level home, it is an older property. I will be able to see the inside in two days. I believe it is going to be very out dated but maintained enough for the house to be livable. 

Question is how to tackle the financing end of it. I believe I can get him to lower his price of 450K sense he did say it was negotiable. Comps are running at around 520K fully updated.

Should I ask for seller financing or what other type.......I was hoping to buy it, fix it and sale it or keep depending on the prices when i go to sale. 

Any suggestions or ideas will be truly appreciated. 

 Well 1st off this is NOT deal, not even close. Paying 450k,so this means about 460k with CC and carrying cost, What about reno? It has to be at least 50k, right ?  Kitchen 10k, baths ( 2) 10k, roof 10k, windows, cosmetic 10k,  ? So where is the profit ? Do not do anything until you connect with someone doing deals in that area. This is not a deal you will most likely lose money on it.