Posted by Dwayne on February 22, 2002 at 22:00:11:
Hey partner… first thing first. Talk to the owner… everything you know about the home or the owners motivation is third party information. Do not start putting a deal together in your mind before you have some sure facts. I like YOUR motivation. Once you find and speak with the owner, make sure he really wants to sell, and that there is a deal to get worked up on… Then come to the forum with your questions and there will be plenty of people here to get ya through all the way to the closing table and on to your success story. Just don’t hype yourself up yet with having any facts. This is a sure why to crush your motivation for this wonderful business. SO get off here and F.T.O FIND THAT OWNER – harass your friend if ya have to… and we will have your back
Hi,I never conducted a deal,though i know the basics in R.E. I had spoke to a friend and his landlord owns a house in another state.The landlord wants to sell the home on account he owns property already and the house that is for sale is laying around vacant and he’s paying utilities and tax’s.(partly motorvated)I have not yet spoke to the owner,but my friend said the owner is looking to sell the house for $120,000,the owner told my friend he bought the house originally 160,000-170,000,my friend wasn’t sure on the exact purchased amount.As you notice I havn’t spoke to the owner or havn’t seen the house.I need some one experience to tell me how i will determine if it is a good deal.Know I know I gave no details to produce detailed sound advice.What I need to Know is:
1.How would I or how do I determine if the market value’s of a area are decreaseing or rising,how would I find out what the average time it takes to sell a home in a area of interest,also how would I find out what the homes in the surrounded area are selling for.
2.If the home is appraised at $120,000,inspected and deemed structurely sound and termite free and homes in that area are appraised at 160,000 - 180,000,how would/should I structure a contract to purchase, a contract to protect myself of any hidden\damage and pull out of a deal,if needed to?
P.S I’m also a proffesional woodfloor sander in the N.Y area and greatly appreciate any of your time and effort spent on supporting my project.
Go to your real estate agent and ask them if they can pull a short listing, sales comps and rental comps for the property and you’ll have all the info you desire.