OfflineI know of a house that is for sale and I would love to see it sold, but I don't know where to look for the investors. It is my sister in law's mother's house. It has been on the market for about 76 days now, and is in Tallahassee, (I do not know if this is where I should post this or not) so I would love to be the one to assign the contract, but I don't know where to begin as this would be my first deal. Can someone please guide me.
I understand that less than a week into reading Dean's book may seem like a very quick time for me to start assigning when I haven't gotten to the chapters on assigns yet, but I really am motivated to help this woman sell her house so she can be closer to her daughter and grand children.
Any information you can give me for getting this done would be great!
Please respond here or e mail me at rdmmcox67@**** if you prefer that route.
Thanks in advance,
Dawn
as it applies to wholesaleing. I guess I am going to sound thick but after you find the good deal get your financing to lock it up and the seller is happy. You pull out some eqity to do any rehab. When you find an interested buyer what happens to our loan? Do they take it over or do I pay it off with proceeds of the sale?
as it applies to wholesaleing. I guess I am going to sound thick but after you find the good deal get your financing to lock it up and the seller is happy. You pull out some eqity to do any rehab. When you find an interested buyer what happens to our loan? Do they take it over or do I pay it off with proceeds of the sale?
i am not looking to invest any of my money in this as it is a home in great condition! it doesn't need any work, i simply want to pass off immediately...
Hey, You might want to do a quick review of the assignment chapter and there are assignment contracts/forms on this site you can use. I would agree on a purchase price between you and the homeowner and do a contract/ agreement to purchase ( on thi site-forms) then decide what you want to make on the house (ie: 10,000 or whatever) and that's the price it is offered to a buyer. Usually, you can do a contract that protects you if you don't find a buyer that opts you out of the contract if a buyer isn't located in 30-45 days... Then at closing, you complete the form that removes you from the deal and turns it over to the new buyer and seller, then you receive your 10,000 or whatever at closing... Make sense?
FINISH READING! then read, study and read some more! lol
congrats on taking action!!!
it's been on the market for 76 days, why hasn't it already sold?
What's the average DOM for your area?
What's the weight of the area (# of other similar homes in the area)
What is the FMV for the property?
What can you purchase this property for?
Has to extremely discounted to wholesale. typically 60-65% of ARV less repairs and less your fee. Take into account your buyers holding costs, expenses, and closing
If not a straight sale, are they open to owner finance, or lease option, etc. if the they can't sell.
said no repairs, but most house will need something. What does this propery look like compared to others listed. There's something keeping it from selling. Condition or price.
got to answer these preliminary questions to know what you can pull out of it.
keep on keeping on....doing great!
God bless,
Jen
I am so happy to get your response Jen! I have written down the questions, now I am going to go and research more why this is happening, but I believe that the reason it hasn't sold is PRICE! I think they may be asking too much, but then again, she did list with a realtor and that may be why it was listed so high... I'll post here my findings and if I have any other questions reguarding this initial question, I'll also post this here too
sounds good! identify with sold mls comps what the true market value is of the property. (price per sq' of comparitable properties.....what they are selling for) You want to know what this property will sell for in 30-60 days. That's the starting point, then work your calculations backwards to determine you offer price.
Also determining their motivation, listen to their needs and find out if you can give it to them. (creating the deal)
would encourage you to also feel free to utilize the search engine right under Dean's chin on the tope left hand corner of the page. type in anything and press enter. I guarantee you there is a post somewhere that will help in anything you have questions about. (We've all experienced the same or similar issues) lol
here's a good thread also. (this is just one - tons more)
http://www.deangraziosi.com/real-estate-forums/marketing-buyers-and-sell...
Your best buyers will come from the relationships you establish.
Buyers will give you directions as to what to look/search for.
Start yesterday building that buyers list.
but seriously type in "building a buyers list" and press enter. (the magnifying glass doesn't work well). you'll be amazed at the wealth of information on this site. Roll up your sleeves and dive it. It's free for the taking!
Jen