Posted by Mark Mallen on December 02, 1999 at 13:26:39:
I would not finance another person doing a rehab on my property.You should sell the property as is, for cash, the same way you bought it. You bought it below market and took the risk that there are no major problems. You do not want the hassle of dealing with a buyer that cannot handle higher than expected rehab costs. The highest profit in doing rehabs is usually when you do the work yourself and sell with owner financing or lease option at a higher than market price.
I have a tight situation that I’m seeking your expertise. I bought a forclosure property below market value and before I had the chance to take the panel board off the windows and turn the utilities on…someone wants to buy. I bought the property cash, no liens, good title, nice street. The utilities are off, I don’t even know if the electric, gas & water are working after they are turned on. I have legal forms & programs from those whom advertise in this site. My question is…how should I approach this. Owner financing? What forms should I use without recording? I’ll sell the note or refinance as soon they fix the house. Your councel is appreciated.