Updated over 11 years ago on . Most recent reply
Is there a Deal
Just spoke to a seller ( absentee) aho is looking to get rid of her home. She wants the appraised value ( 180, 000 according to tax appraisal)for it and wants to sell as soon as she can ( or cover her payments) here is the situation
The Lead lives in Ga ( the property is in Tx) and she does not have anyone to manage it for her. She currently has tenants in it that pay late and she said over the past 2 years they have not paid at all some months ( about 5 in total) They also only pay her $1200 a month in rent and her mortgage is about $1550. She said ideally she would like to sell this year or rent it out to someone who will pay enough rent to cover her payments. But she wants to give the tenant the opportunity to buy it first without her owner financing it ( she is afraid they will not pay). She wants me to call the tenants ask if they will buy it this year and if not then she wants to look at selling it. She says lately they have been avoiding her calls because they were extremely late on last months rent.
Is there anything I can do?
Most Popular Reply
I would recommend that she write a letter of intent and send it certified mail. I highly doubt that the tenants would be able to get a bank loan if they cannot make a below mortgage payment on a regular basis.
I think an outright sale of the home is in order. But, I do agree with @Ned Carey here. Tax appraisals are a different element than market appraisals. Depending on the purpose for the appraisal and who is the recipient, the value can be off considerably.
I would try to determine market value and see if you can make a deal happen either as a listing (if you have your license), wholesale, lease option, subject 2 etc.