Ok! I hope this is not a repeat, But I am Wanting to make my first offer. I found a nice house for $60.000.
It needs about 25000, in repairs. My son and I could do most of the repairs.
Its ARV is 125,000, it is for sale by a realtor not, bank owned, How do I make my offer?
thanks
H.P.
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Find a realtor and make an offer unless you are paying cash and if you are ask for a lower price i would still put in an offer lower than the asking price either way!
Jay C
Thanks! Do you mean ind my own realtor? as the prop is for sale through a realtor. And how would I pay the realtor as I was going to try and do an assignment or ask for owner financing? Thanks
H.P.
I would go directly to the agent that has it listed and tell them you will not bring in another agent. (do you know why you would do this?) Make your offer to that agent. Just make the offer and make sure your contract is assignable. Also, make sure you have your buyer lined up first! Make sure you have an inspection contingency so that you don't risk the loss of your earnest money if your buyer backs out. By the way, if you are going to do the work you will not be assigning the contract since you must take ownership before you and your son can do any work, then you would sell it outright when the rehab is done.
The agent will get paid at closing when you or your buyer closes.
Hope this helps,
Michael Mangham
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
Thanks!
no! I don`t know why I wouldn`t bring in realtor.
Do you mean use an assignable contract or make sure its ok with owners?
If I get owner financing then can I do the wok?
I am trying to raise cash and thought rehabbing this house would bring in better profit, if I can get it with owner financing, And then can I sell?
Thanks Your help is appreciated.
H.P.