More on Sub2 and Property Feedback

Sub2
I chatted a little more with the investor who wants to flip me the Sub2, and it may not be such a bad deal after all, if things go according to his plans. He mentioned that the owners are getting a divorce and just want out. Unfortunately, they got a 100% loan a few years back, so they have VERY little equity in the house. The investor said he was going to give them two options: an all-cash deal, or a take over payments deal. The all-cash deal would equate to buying the house at 75% FMV. This would be lower than if the owners were to sell through a Realtor, but time is of the essence. The owners would then have to make up the difference. In the second option, the owners would give the investor the property with the current loan in place, but also give him 6 months of carrying costs, which would equate to roughly $12,000. To me, this would be the better option since it relieves the owners of the obligation, and is about the same as going through a Realtor, but they have the benifit of closing quickly. The investor said he had an appointment with the people over the weekend, and would let me know how it went. We'll see.

Property Feedback
Well, house #1 was shown for the 3rd time recently, and the feedback wasn't too promising. The Realtor said the interior and exterior were "average", but the prospective buyers thought it was priced well above market. Granted, it's probably $500-$1,000 over market, but I don't think it's "well above" market by any means.