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Which step first? - Posted by Jeff
Posted by Jeff on June 10, 2004 at 07:48:40:
I have the opportunity to buy a house which is in an estate sale. The house is in my neighborhood, and my real estate agent and I scoped it out yesterday. The place is great. There’s new carpet and paint, all the appliances stay, and its on a quiet culdesac. The asking price is only $97,900 which I know is under current market value (I bought my house for $10,000 more than that a month ago!) The house is in great shape, although it could use some new windows and their’s no A/C. For something like this, I think I’d be trying to buy it on a lease option purchase.
Here’s what plan I constructed:
Make an offer in the high $80’s. Get a private loan to get extra funds for an A/C unit and some new windows. Rent to Own the property for about $900 a month to cover the loan payment, taxes, etc. Put an option price after one year of around $112,000.
The house is a 4 bed, 1 bath, 1 (oversized) garage. Its a nice house on a quiet street that backs up to a cemetary (it doesn’t get much quieter than that). The comps all verify that its the lowest priced house in the area. Most other houses are $10,000 or more than their price.
So should I place an ad in the paper for a rent-to-own house when I don’t even have the house under contract yet? Or should I at least tie it up first. I think I just answered my own question there, but bare with me, I skipped breakfast today.
Thanks for your advice,
Jeff (OH)
Re: Which step first? - Posted by Tom Kirby (p.a)
Posted by Tom Kirby (p.a) on June 10, 2004 at 17:07:32:
>>>>Its a nice house on a quiet street that backs up to a cemetary (it doesn’t get much quieter than that).>>>>
When I was young I use to hang out, drink beer and raise hell in a cemetary, nice and quite.
Re: Which step first? - Posted by Matt G
Posted by Matt G on June 10, 2004 at 11:15:04:
Jeff-
first of all- you cannot leally offer a home for sale without having a legal interest in the home.
secondly an estate sale most likely means the heirs want their money out of the home - no owner finance just my experience.
Best regards,
Matt
Re: Which step first? - Posted by Niklaus Worth
Posted by Niklaus Worth on August 19, 2005 at 16:59:46:
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