Selling for 300k means getting 300k – selling costs = ~270k (approximately). She bought it for 430k. Unless she put at least 150k down at the time of purchase, she owes more than 270k.
If she is “loaded”, that is:
1. She owes the lender less than 270k, or
2. She owes more than 270k but has equity from another house. She can sell one house for a loss & another for a profit and use the profit to cover the loss.
If either of the above is true, she may sell it to you. IMO, the chance that either of the above is true is slim, for 2 reasons:
– She fits the profile of a speculator. Speculators typically do not buy with large down payments. Even when speculators have equities (due to appreciation), they would tap on the equities to buy additional houses.
– When she said: “just make me a lowball offer …” It sounded as if she is desperate (maybe having cash flow problem).
I think there is a way to find out how much is owed on the house. That’ll give you an idea of her situation.
BTW, if she owes more than 270k, selling at 300k will require a “short sale approval” from the lender.
