How does this look? First offer Newbie - Posted by Mike : SEMichigan

import · July 9, 2002, 8:32am

Posted by Mike : SEMichigan on July 09, 2002 at 21:39:43:

Adam thanks for your response.
Additional details. Comparable 2 bed 1 bath homes have been selling past year 55000 to 65000.My offer was going to include all my costs if they accept great if not I could adjust my offer and resubmit if I can get intersted buyer with enough markup to make it worth while .this house needs little more than fresh paint and carpet. unless heat water and elect systems are bad.
have not yet been inside to check these. But from exterior and basic through windows view house looks real clean.
What is a good time to call you to talk about this?

Thanks again for your input.

import · July 9, 2002, 8:32am

How does this look? First offer Newbie - Posted by Mike : SEMichigan

Posted by Mike : SEMichigan on July 09, 2002 at 08:32:24:

Hi everyone I think I have my first foreclosure deal on the line. I am new at REI and am trying it fulltime due to a lay off from former job.

My dilema is that I need to finance this deal and show a letter of preapproval to the bank with my offer.

The Bank wants 54900 for a 2 bed 1 bath kitchen,living room,small utility room Bungalow on a crawl. Newer roof, and siding. The house looks great needs paint and carpet.
Rents for 2 bed in this area are about 650 to 750 month.

I was thinking to offer 45000 and try to assign my deal to another investor for 4500 cash in my pocketr at close. Houses similar in the area are selling for 57000 to 69000.

Any ideas on the preapproval of 45000 with no job now just unemploment benefits. Also any local investors interested in maybe woking with me on this? All help and suggestions will be greatly appreciated.

import · July 9, 2002, 9:23pm