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Updated almost 17 years ago, 02/16/2008
Deal or no deal?
I have a property that I'm not really sure what to do with if anything. The spread is not very big so I'm trying to figure out if it is even a possibility. Basically the seller got divorced a couple of years ago but her and her husband still own the property. He is still living there and while she pays half of the mortgage. The have listed the property twice but it expired both times with only one offer. Now they just want to git rid of it.
It was listed at 245k, obviously more than it is worth.
I'm figuring by the comps it would sell at 225-230k.
They have a loan of 205k, wife will sell it for that, but husband is talking more in the 215+closing cost range (after all, he is living for half price).
The home needs no repairs.
So I want to find out from the experts if there is a way to make money on this. I was thinking maybe I would offer to take an option to buy because I don't know if I could resell it fast enough to assign, and also buyer would probably being using conventional financing.
Please let me know if you have any ideas.
Lance