OfflineI found a nice 3 bedroom ranch. Comps $125-$130 in that neighborhood. Nice area, smaller homes, 1,035 sq feet. Mother passed away, brothers don't talk to each other. My agent showed it to me yesterday and it is really nice. Needs a roof, but not immediately, doesn't leak, but starting to show age. House can be cleaned up and fresh paint. No major problems, some minor tile replacement in basement.
They came down to $70,000 and would come lower. I verbally spoke of $54,000 and it sounded very very possible, they want rid of the house.
My first deal....so called and asked the coaches today about an assignment and got good advice on the exit clause. Want to write up the offer Friday am. So took some advice and just posted it, not with the address on craigslist for $75,000. And phone is very busy tonight with calls. One is real interested and is from that area.
Now I called my agent and we will write up the offer in the morning.
Should I just assign and not touch the roof, as long as my offer is accepted. But shouldn't I clean it up first, wouldn't that mean I need to show funds and a purchase for a month. I can't assign if I want to clean it up first. How does this work or what should I do. These brothers want it gone now!! And there is still stuff in the house and garage. They might just say keep it, since one is in Arizona and the other refuses to clean it up alone.
What should I do. I know this house will go, this is a good deal, and the house is in good shape, built in '59. Fenced yard, and Aprilair in the house. In southern Wisconsin. Close to interstates.
Thanks for any advice!
Sandi
Need some fast opinions/advice!
Posted on: Fri, 11/05/2010 - 00:52
Need some fast opinions/advice!
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lock it up for 50k and pass it along to an investor for the 75k, do a double close or just assign it. make sure you can give an estimate on the repairs.
good luck, sounds like you found a good deal.
Richie
The most serious buyer is an older man that wants to get back to this area.
And it is my first deal! My agent is fantastic, and is a younger man with a couple young boys, and wants to learn about investors. So I have been telling him what I know and he is coming up with several houses for me. Is so nice and so encouraging to me.
Sounds like I could do either way on this deal, but hopefully assigning and saving any fees from PML.
Thanks
Sandi
On my contingencies on the assignment if contract. I have some strong possible buyers. But when I put so many days for my contract, and I find a buyer who can't close for say another month or a couple weeks, and it goes over my time allowed on the contract, how does that work?
I am doing the contract today.
Sandi
I am doing the contract today.
Sandi
Sandi, we haven't run into this yet. But I'm guessing if you just be honest with the seller that you have a Buyer but cant close within your grace period, they will let you go over a little bit. But 30 days should be WAY more than enough to do this even without a buyers list! Pay for a week in the newspaper if you have to. Good luck!
Richie is right about the profit potential here. You can easily make 25k fast as long as the repairs are low. It's up to you though. We are trying not to push our luck to begin with, so we are leaving more meat on the bone than we should. All up to you!
Dominic
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Just answered your other post.
And then saw this. I agree with the fact the seller would give more time. And I know it won't sit for even 30 days. The house has only been on the market for 70 days, and my agent is ready to do the paperwork for me. He has been great at giving me the courage on my offer, being it is low.
If I even walk away with a few thousand, I'd be very happy. The first one gets the ball rolling! And if I had to get funding, that has so much equity it would be worth it. I am staying with a friend till I get to Colorado, my dream...or Wyoming, and he is a contractor and has built beautiful homes. He would do anything on the house for a super price for me. The roof isn't horrible, but will need replacing in the near future. The other things are just if someone doesn't need the wheel chair stuff, to be removed, and basic cleaning, and old tile in the basement could be removed. I estimated around 8-10k that would include roof, and maybe basement flooring, re finish kitchen cupboards, and just paint and cleaning inside. Has fencing around the back, so good for a pet or little kids.
Will let you know what I do.
Sandi