Getting first deal done…Need help… - Posted by Sandeep
Posted by Sandeep on May 17, 2006 at 08:45:07:
This is my first transaction in the Real Estate. After doing lot of advertising at last I found one and below are the details. I don’t know how to proceed, where to get money, should I go for this or not. Below are the details I am working on it.
About the House:
3 Bedroom, 2 Bathroom
Built 1964, Nice neighborhood, A mile away to middle school.
Location : Fairfield, CA
Sq Feet: 1322 as listed but owner put one extra room so little more than that.
Total Mortgage is: $332739.67
Prepayment Penalty: $7989
Monthy Payment: 1695
Above all Owner asking for another 25 K if possible , which we can reduce it or waive it off i
Recent market analysis shows the 3/2 bedroom/bath sold at around 400K to 430K in that area.
Situation of owner:
Owner is in very tight situation and desparate to sell.The Story goes like this, he was renovating the house , and he ran out of money. So he decided to sell it off or get rid of it. I visited the house myself it is really a kind of mess. No Paint, carpet needs to be changed, no switches, Heat and AC has to be installed (I think not sure). It is stopped in the middle of renovation. No appliances like refrigrator,dishwasher or gas stove is there.
I don’t know how to proceed from here, to renovate the house, well I am new i can’t really say what figures we are talking about here. But it is stopped in the middle of renovation.
I am not sure what will be best approach to close this deal, as I don’t have any hard money lender or somebody who can help me.
If interested please do let me know ASAP. Looking forward to it.