OfflineWhen doing a double closing instead of an assignment, do you need to sign the Purchase and Sales agreement as your name and/or assigns?
Reason being, is that, I had found a Rehab property assessed over 418k and for sale for 290k. It is a multi-family and the owner is the realtor.
Before I make any type of offers, including adding the and/or assigns, I would like to be "armed with ammo". In other words, I need to feel out the seller to see if she does except an assignment type of offer. If not, I would like to do the "double close" if this is an option without having to put the and/or assigns.
Any comments, experience, suggestions, etc... would greatly be appreciated!
Thanks 
__________________
"ALWAYS THINKING OUTSIDE OF THE BOX"
If you are doing a double closing, you would not need to put anything in the contract about assigning.
Al
"NOW GO FIND A DEAL"
Watch your thoughts; They become words,
Watch your words; They become actions,
Watch your actions; They become habits,
Watch your habits; They become character,
Watch your character, it becomes your destiny.
Frank Outlaw
Thanks alchristmann, I truely appreciate it! Now I am going to set up an appointment for a showing, do a guesstimate on repairs/rehab and hopefully make an offer. I know this has been on the market for a long time. I am not sure, if it is because it is "not worth it" or, no one has found this "diamond in the Rough".
Alchristmann, I know you are in the realty field, could you briefly explain how I can come up with an ARV?
Thanks so much!!!
"ALWAYS THINKING OUTSIDE OF THE BOX"
Getting an accurate ARV is not as easy as it once was. You need to get some good current comps. I believe you said you were working with a Realtor. Have the Realtor get comps on properties in the area, that are close to the same size and have simular features. Check the listing info to determine if the property needed repairs. You want to find homes that were in good condition when they sold. Determine the price per sq ft of the sold properties, and average them together. Take the average price per sq ft of your comps and multiply by the sq footage of the property you are wanting an ARV on. This will be your ARV. What makes this so difficult today is that so many homes are REO and in need of repair. So they sold for less than ARV. If you comp from these your value will be low.
Al
"NOW GO FIND A DEAL"
Watch your thoughts; They become words,
Watch your words; They become actions,
Watch your actions; They become habits,
Watch your habits; They become character,
Watch your character, it becomes your destiny.
Frank Outlaw
I literally had to read that about 3x's and take it step by step, before I could figure it out. lol I've got it though. How will I know that the "comps" were an REO? More due-diligence, by looking at the deeds online and seeing who was the grantor & grantee etc...?
thanks Al, you have been so helpful!!!
"ALWAYS THINKING OUTSIDE OF THE BOX"
Ask your Realtor for the listing print out from MLS. That should tell you if the property was Bank owned. The property details may also tell you if the property is in need of repair or if it has been remodled.
Al
"NOW GO FIND A DEAL"
Watch your thoughts; They become words,
Watch your words; They become actions,
Watch your actions; They become habits,
Watch your habits; They become character,
Watch your character, it becomes your destiny.
Frank Outlaw
That's sounds alot easier than my suggestion
.
Thanks!
"ALWAYS THINKING OUTSIDE OF THE BOX"
All you have to do Madison is look on the county's web site in which the property resides, it will show you: the previous owner info, Tax Assessed Value, and other Tax info
YOUR HERO, SULLY
I use the town/city websites (tax assessor dept) to look up sales, assessments etc...but, sometimes it will not show the most updated sale, so I then go to the county's deeds website to look up the property and who owns it and any other information I need.
I have heard of propertyshark, but, isn't that similar to zillow, so it is not so much accurate? I usually use zillow just to get the basic idea for #'s and comps.
Thanks again
"ALWAYS THINKING OUTSIDE OF THE BOX"