How Would YOU Proceed With This One! - Posted by Dfree

Posted by Ronald * Starr(in No CA) on July 20, 2003 at 12:55:53:


The problem is that you don’t tell us WHY you want to buy this property.

Do you want to hold as a long-term rental? Do you want to do a quick buy-sell? Do you want to live in it as your own home? The latter seems unlikely since you talk about making a profit.

Different goals mean different approaches.

Now, the other problem is you don’t indicate anything about your skills and your resources to do this deal. For instance, if you want to do a quick turn-over of the property, you have to be concerned about the no sale for three months business. Why can you resale faster than a licensed sales person? What do you bring to the party that will make you successful?

Also, you have a problem of credibility here on the market value, I opine. If it is really worth $105K why has it not sold when listed at $94K? When it requires, per your statement “Repair none needed(home in good condition)” Unless the agent is doing a lousy job of selling the property, this property should have sold within the time you mention if it were really worth $105K. “Why has it not sold?” is the question you have to answer.

I doubt that it is even worth the listing price.

Good InvestingRon Starr**

How Would YOU Proceed With This One! - Posted by Dfree

Posted by Dfree on July 20, 2003 at 09:00:50:

First let me say I can’t wait til I’m in a position to answer questions and offer my experience to the board and give back to the community that so readily accepted and helped me in my RE endeavours.

Okay enough of the sweet talk, get to the question young man

Homeowner called wants to sell, house has been vacant for 3 months tried to sell w/agent still currently listed. She thought she’d help herself out by calling from my postcard. I know I can HELP:) her and profit a little just not quite sure how to proceed.

Asking Price 94k
Repair none needed(home in good condition)
Tax Value 97k
FMV 105k
Loan Balance 66k Best Part(it’s an assumable loan)

I think there’s a deal in there somewhere. My cash funds are limited and I would rather not get a new loan, also her listing agreement doesn’t expire until another 3 weeks.