Help ME with My first Assignment Deal in Dallas, TX
I am in the process of getting my first deal done. This is a small 2 br 1 bath place in urban Dallas, Tx. I found out that the home is worth $45k in its present state, and comps in the area are in the $70k range. The seller really wants to get rid of it, and I have negotiated a good deal considering all of the work it would need. This is a real handyman special...seriously! The price is really just for the value of the land...
I put an ad on Craigslist, and I had someone call me. This person is not an investor, but a person that wants to fix up the house, and live in it. I think I may be worrying over nothing, but I really am worried about how the closing would go with the buyer and seller. My ad said that this house is $20k, it must be paid in cash, and that the buyer pays all closing costs, while prorating taxes between buyer and seller...
I even explained the terms to the woman that called me. I told her that I would be selling my contract, and that's where we get the $20k price from. I told her how much work it needed, it needs $15k in reno, and I even posted a picture in with my ad. With all this, she seemed not the be frazzled, and asked from pictures of the inside...
Has anyone ever done this before????
Please help me understand. Is this really a deal that could happen???
I am in the process of getting my first deal done. This is a small 2 br 1 bath place in urban Dallas, Tx. I found out that the home is worth $45k in its present state, and comps in the area are in the $70k range. The seller really wants to get rid of it, and I have negotiated a good deal considering all of the work it would need. This is a real handyman special...seriously! The price is really just for the value of the land...
I put an ad on Craigslist, and I had someone call me. This person is not an investor, but a person that wants to fix up the house, and live in it. I think I may be worrying over nothing, but I really am worried about how the closing would go with the buyer and seller. My ad said that this house is $20k, it must be paid in cash, and that the buyer pays all closing costs, while prorating taxes between buyer and seller...
I even explained the terms to the woman that called me. I told her that I would be selling my contract, and that's where we get the $20k price from. I told her how much work it needed, it needs $15k in reno, and I even posted a picture in with my ad. With all this, she seemed not the be frazzled, and asked from pictures of the inside...
Has anyone ever done this before????
Please help me understand. Is this really a deal that could happen???