I have two deals I'm currently working on. The first was the deal I spoke about in my blog entry the other day. I sent the owner a nice letter on how I could help her if she is still wanting to sell. We'll see what happens.
The second deal is something I stumbled upon while going through my daily MLS feeds. It's a home listed as "needing TLC" (which we all know what that means). The listing also says the owner is motivated and to bring all offers. The asking price was low for a comparable house in the neighborhood, which first caught my eye (by about $15,000). I did a preliminary check on my county's online courthouse record site and found the initial loan was for $126k for 20yrs. Doing some quick calculations, I figure what they are asking for is probably the same as the balance now on the loan. I'm not sure where they will be getting the funds to pay the Realtor fees.
I ran the figures into the program I talked about and figured I could net a little over $18k on the deal doing a straight Sub2 with a backend owner-carry finance (and repairs only being negligable - haha). The problem, though, is that it is listed, and we all know how most Realtors react to creative deals. I will no doubt have to go through my own agent to try and strike a possible deal with this one.
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