OfflineGood afternoon everybody. My name’s Anthony. I just finished reading deans How to be a Millionaire and already have a deal lined up. Only thing is I’m a little confused and was hoping that maybe someone could help me out?
I have a buddy that owns a home in Miami, Florida and has been trying to get rid of his home for some weeks now. He said the home is paid off but the people living in it renting it out also said it’s in foreclosure. Ok here’s the deal he gave me. When the house was first put on the market a couple years ago it was valued at 1.2 million. He said right now the surrounding houses in that area are going for 600, to 700,000. Now he has the home posted on MLS for 550,000 but told me because I am family he would sell it to me for 450,000 even if I found another buyer.
Now I have two individuals who are investors and are waiting on me to give them my leads. One even said that he buys houses cash no matter how big the amount.
What should I do now? I suggested reassigning to the owner of the home but he said that we didn’t need to do that. That he would just give it to me for 450,000 and to try to get a bigger offering. I don’t know what to do can someone help me please……………….
Here's what YOU need to do. First you need to find out for yourself what the home is estimated at. Do that by going to cyberhomes.com, totalviewrealestate.com, eppraisals.com and even zillow.com if you want to. Then you get the comps from similar homes within a few blocks radius of your relatives home and see what they're selling at. Alot of sellers are trying to sell their homes based on their feelings of that home, not very realistic and most times over-inflated. Once you find out what similar homes are going for in that area, then just go to the property and do a visual inspection of the place to see what(if any) type of work needs done to it. Find out what the market is like in that area(hot spot?,slow, or dropping). If you have an agent, have him/her to run the comps for you, or even take them along with you to inspect the home and get their opinion on it. Most importantly, make sure that what you're venturing into fits the criteria of what your buyers are looking for.
Well that's my advice to you, but I'm sure you'll get more advice from others that will also be very useful to you.
Good Luck!
Bryant Slade
Thonk you for your respond. i think im just still a little confused with what to do and say to the buyers. But the info you gave me was helpful thank you.
If the home is paid off why is in foreclosure,is it due to back taxes??? need more info as to why it is in Foreclosure.
whurndon
H&H PROPERTY SOLUTIONS LLC
venturing into my first deal have had several responses to my circulars offering housesz for sale-houses to buy i'm going lease option what do i do next to approach this situation do i need a realtor? with multiple leastings please advise