OfflineI found a deal on the Internet, contacted the seller this morning and they accepted a verbal offer $100'000 +closing cost. After making my research that the house FMV comes to $169,000. So I think even after paying closing cost and changing carpeting, which is the only problem the house have, It should be a good Investment.
But I have two problems, the house is located 7 hours drive away from me, and I dont have a cash buyer aligned for it. I just took action and am involved in this dilema. I dont want to let this deal go, I would be happy making $10,000 out of it. IF anybody out there knows who is interested in keeping the rest 59k, let me know.
Thank You Again
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Awesome, I would lock it up with a contract, so it's binding,
with and or/assign. Advertise for sellers on Craigslist, also
check with Carol, freeindeed, thats what she did.
congradulations , you're on your way, go find another one.
George41
George
Congrats on finding a deal and getting ball rolling! Start a post in the local networking forum (use the city of the property in the subject) and describe the deal/property as much as possible. This is your best chance of the right person that can help seeing your post here.
Without a written contract you are vulnerable. While there are plenty of people who can be trusted to do a handshake deal with on a number of things, real estate transactions aren't one of the things to bank on someone's character, regardless of the parties involved. Not only does it protect the parties from shenanigans, but it also makes it so everything is clear cut. You won't believe how many small or random things can turn a smooth deal into a bumpy one, often because the expectations are not the same between both parties for all possible situations that arise.
I would not recommend investing much time, effort or other expense until you have that contract. A contract, while usually does not need to be legally enforced, is a sign of seriousness as well. Many people will say a lot of things, but when it comes down to signing that is where the rubber meets the road.
Good luck!
-DGadmin
To coin a phrase "Look, before you leap" How true. Better get to a contract, and if it falls through before you get it on paper, it is a lesson learned....Jan