Put an offer in on the house across the street!

Linsay2231 · #1 09/20/11, 10:23 PM

In case you haven't been following my past posts about this house...it is a bank owned foreclosure. a 3 bd 2 bath ranch home on 7 acres. It was in the middle of being completely remodeled when it went into foreclosure. It has all new drywall and new wiring is almost done. It needs some work to be finished.

We have decided to go for it and sell it to a friend of ours who can't get a conventional loan on land contract. We have a Real Estate Lawyer in the family who will draft up an airtight contract for us, and we will get the house back if anything goes bad....although I don't think there will be any problems.

The asking price was 24,900...we offered 18,000 cash and hope to meet somewhere in the middle. Wish us luck :-)

GrannyG · #2 09/20/11, 10:25 PM

Nothing ventured, nothing gained...wishing you good luck !

Suzyq2u · #3 09/20/11, 10:25 PM

Oh wow, how exciting! Best wishes!!

willow_girl · #4 09/20/11, 10:28 PM

At that price I don't see how you could go wrong!

Michael W. Smith · #5 09/20/11, 10:40 PM

Quote:

Originally Posted by Linsay2231

We have decided to go for it and sell it to a friend of ours who can't get a conventional loan on land contract. We have a Real Estate Lawyer in the family who will draft up an airtight contract for us, and we will get the house back if anything goes bad....although I don't think there will be any problems.

"Although I don't think there will be any problems" - famous last words!!!!

I think I would have bought it and then rented it out. For $18,000 (if you get it) you could rent it out, have all your money back in a some years and have a nice monthly income.

I wish you luck selling it to your friends. But what happens if you aren't friends in the future, and are in fact enemies? Many a freindship has gone awry with a deal like this.

Linsay2231 · #6 09/20/11, 10:45 PM

It is actually my husband's childhood friend, he is a really nice guy...would give the shirt off his back to anyone who needed it. I wanted to rent it out at first, but then we realized it needed more work than we wanted to put into it....we figured this way at least we can pick our neighbors :-) If the friendship somehow ends over this, I won't be sad at all...although i'm sure my husband would be bummed.