My dad has a rental that he's trying to sell in Dayton, Oh. The current renter has just moved out and my dad (retired) is tired of dealing with the property, as he's never made any money off of it.
He called me today, as he's dealing with 3 or 4 potential buyers... all of them are contractor-types that want to buy it cheap, fix it, and flip it quickly. I know this will be low $$$ for you guys that are making $ in RE, but houses in the area are selling in the low 60's. My dad owes just over 51K on the house, and think it needs more than 10K, to fix it up.
He's tried to sell it before while he was renting it out and never had any luck, now he's dealing with the "we buy all houses" types to get rid of it. He hasn't received any offers in writing yet, but should be soon. His problem is that they all seem to be saying that they need to fix it before selling (duh), and they're looking at some creative arrangements.
How do these deals typically work if the buyer doesn't want to get the house loan in his name until AFTER it's fixed? It sounds like they want my dad to pay for the repairs before they close on the house...
As a related note, the Dayton GM plant is going to be closing in the next year and there are a couple of other large businesses downsizing/closing. My dad is thinking the property will be worth less in a couple of years.