So I'm trying Rent-to-own on my last set of condos. It's not going great... I've only had the ad in the paper since Friday but I only got 2 calls. The 1 guy is interested but I think I have him thoroughly confused. I'm not very good at explaining things and tend to scare people away, I think. This is one reason why I was never very good at short sales. I just called my mortgage gal and she is going to touch base with him tomorrow and see how good/bad his credit actually is. It sounds like he wants to get both units so he can live in 1 and rent out the other. I'm just not sure that is going to work for him doing a rent to own. I'll have to think about that and if anyone has any ideas, I'm all ears! These things are a pain in my ass and I just want them GONE! Unfortunately for me I think I will have them forever...
We lost out on the other 2 properties I wanted. I really thought I had a chance with the one that had a super low starting price but apparently someone wanted it more than me. Personally I think there is something "weird" with the RE agency. You know, maybe they do not play by the rules?! Hmmm. I'm going to watch that one and see where the buyers came in on price.
I did go look at the property where the bank came down $10k. I thought it would be a total dump but it was actually pretty nice. Of course it needs the obligatory carpet/paint/windows/roof but that is about it. I'm sure there are some other minor things but nothing major (at least that I know of prior to my contractor looking at it). The bank came down to $55k, I was at $42k and came up to $50k. I'm just waiting on them to respond now. This is a huge house with lake views but no garage. What's up with the no garages?!?!
Nothing else happenin' - ate like a pig on Easter. It was wonderful!! ha, ha.
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2 comments:
There are several dirty agents here, too. They will just throw your offer in the garbage can and then sell it to one of their investors for a lower price.
Not sure how they don't get caught, as it is pretty blatant sometimes.
Steph
Yeah I have heard that but have never encountered anything. In the end I guess it's pretty hard to prove since I don't know what contingencies the other person used. I'm still watching it though.... it pisses me off. It was a GREAT deal!
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