Need help with deal and contracts to use.

[tango]

Comps around 300k
190k 1st.(1,600/m)
15k 2nd refinanced very recently, all back taxes paid.
 9,610  behind on 1st,
 2,800k condo fees owed, 450mth, (no kidding)
Sister's boyfriend and mother with no lease, pay 1,400  rent. Moving out.
Sister is on the loan but signed over a Grand Deed when got 2nd.
There is a FC sale date for 7/18. Located in Los Angeles where properties are still elling like hot cakes.
Because he wants  cash now and splitting equity left 50/50 I was suggested to put it under contract for K275 and split al least 15 each.
I am getting cold feet and have now a 1001 questions. I would like to use the CA CAR form which I think has every circumstance that can arise and I know that it would be legal.

 275k condo
Inmaculate, remodeled 2+2.Pool and garden view.
Best price in  the area.
Will sell fast. XXX-555-5555

 Inmaculately remodeled condo,2+2
Close to school.Owner relocating
Ppals only. 275K
Call now xxx-555-5555

I will appreciate all and every  suggestions from experienced people.
Thanks in advance for your help.

T.



Would contacting a title company help me to walk through the rest?

[StacyKellams]

I'm no expert in California real estate, but I'll tell you what I think.

First, why did you offer a 50/50 split. He loses his house in 6 weeks. His choices are, lose the house and his credit or sell you the house. He can't get picky about his equity at this point.

Second, splitting a 30k payday on a 300k condo isn't a very good risk reward, in my opinion. I can make 15k payday's on 60k houses. (in Texas not California) Why would I take on the risk of a 300k house for 15k? I wouldn't!

If houses are "selling like hotcakes" why hasn't he sold it already? He has plenty of equity to play with. He could have dropped the price for a quick move and kept all of it. Something doesn't add up.

If it take 4 months to sell with 2k a month payments you'll lose another 8k in profit.

Like I said, I'm not familiar with your market so take this for what its worth.

[tango]

Hi Stacy:
thanks for the reply.
BTW- the seller, not  me,asked for the 50/50 split. That leaves me very little room, I agree. I was looking for some other solution for him, who at this time wanted to sell without a realtor and just get out of it.
He called me to explore other options, but as  am starting to see it ,he wants to put his conditions and probably is not going to hear mine....
I mainly was looking for other viable solutions. If it is priced 10% below market it probably will sell in less than a month, even in a day!
Take care,
Cris