Here's what I am looking at and wondered what you think about this:
I may be able to buy a property (short sale) for about $20-25,000 below market value. I will know Friday or Monday, maybe.
I have someone who wants the house, but wants to trade even for it with her house in nearby town (owned free and clear)worth about $70,000.
She is VERY anxious to move over here but cannot get her own financing (hence the trade).
I have considered getting her house under contract (with assigns and protections clauses) for $55,000, with 30 to 45 days to market it for a profit. (Say, a quick $10,000).
Then, if I get the first house I am bidding on for $50,100, I could do the trade. Or, if I get her house sold first, she could take the $55,000 from the sale and buy my other house (perhpas on a land contrat) , at which time I would make an additional $5,000.
I know it sounds a little confusing and I would be happy to answer questions to clear anything up.
The bottom line is I am trying to make this work without having to hold either house if I don't have to, for very long. Both sellers are very motivated so it seems like a sweet deal.
Thanks for any input.
"...and the Israelites dwelled in the land of Goshen...they acquired land... and they prospered..." (Jan's paraphrase)