Hey BP Family!
I have offered on a deal here in the greater area of Dallas. My realtor brought me this deal and asked for my thoughts. Hours were spent last night, but I've calculated my numbers and feel confident about my $85K cash offer (can close in 10 days w/ $1.5k earnest money down).
They've held the property for +60 days and have it listed for $179K-- they have 2 other "low-ball" offers that they have turned away. I agree we want the property at a good price, but I feel providing optional offers could illustrate our efforts in wanting to work with the seller as a fair buyer.
The issue I'm having is figuring out creative financing options to appeal to the seller (particularly subj to, seller financing). In my opinion, why would the bank want to refinance when our all in cost (original mortgage loan, hardmoney construction loan, and difference in purchase price payoff) are $351,000 if we were to buy at $115k. ARV: $375k.
The seller has $57K mortgage balance.
Does any of our BP members have advice on creative options?
