OfflineIn the book PFREN when talking bout IEE strategy it talks about dealing with the seller personally but what if ur dealn with their agent do the same rules apply? Would it be a good idea to have her agent rep me in the deal to so he will go along with the whole process? Do i provide the forms to be signed or will the agent? A good answer to these questions can help me close my first deal after reading the book a week ago! Found a property in my neighborhood that has been vacant for some time so i call the agent listing and found out get this.....like it said in the book....the owner lives out of town the home was left to her and she has been paying the taxes for over a year and cant wait to get rid of it. Its listed for 45,000 but owner was bout to drop the price all signs of motivated buyer! I put in a offer of 30000 cuz i still know the value of the home as is is worth 60,000+! With lil under 5000 in work it could be worth 75,000! Waiting to hear back on offer and those questions i have will let me look like i know what im doin lol! Please help thank you!
Close to 1st deal! Needed a few questions answered PLEASE!
Posted on: Fri, 01/29/2010 - 06:56
Close to 1st deal! Needed a few questions answered PLEASE!
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- by mehlich1
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The book left out alot of details bout refinancing! What r good strategies for refinancing? When to do it and when not?Thank you for time! Any info would help me!
What do you plan on doing with the contract and/or property?
Invest in yourself!
I plan on assigning it to another buyer if i choose not to purchase myself. But the agent keeps bringn up proof of funds before a offer is even accepted. Im not showing what i have til they earn the right after they accept my offer. Please help me soon offer is in place need to know what my next step is or is it i just cant use the IEE strategy when the seller is rep by a agent? NEed to know in a hurry!
Mehlich, Rosefield is right, what are your plans for the property, & how are you paying for it? Example: Cash/Owner Financing, if you paid 30K, then remodeled for an additional 5K; then refi with an unseasoned bank for 70% to 80% LTV(loan to value) if appraised @ 75K with 70% LTV=52,500 loan, if you paid 30K, then 52,500 - 30,000 = 22,500 in your pocket, THEN RENT IT OUT, with a positive cash flow your in " Fat City" Gary
I would like the lock up the property and sell it to a buyer i have lined up. I just need to know if real estate agents that rep the seller would be in tune with that way of handling the purchase.