How do I proceed?

How do I proceed?

I may have a great candidate for a first SFR to take hold of and rent out. This is the description from the listing agent.

"Bank owned property being sold as-is where is. All offers must include a pre-approval and or proof of funds. Upon acceptance the p&s and addendum must be signed and returned within 48 hrs or the asset will be returned to active status. The buyers will be given 5 days to complete home inspection. A copy of the addendum is available for the buyers review prior to issuance of the p&s. Buyers to verify all info. Commission based on net sale price. Buyer responsible for smoke cert and final water."

It sounds really good. They have it on market for 209,900 3BR/1BA SFR. Approx 1807 sq.ft. Lot size is 20,140 sq.ft. Been on for only 4 days. I doubt it would last long. Estimated Values from websites are as follows: Zillow= 282,500 Cyberhomes= 290,274 Eppraisal= 252,528 RealQuest= 293,000
Comps on average for this area are 298,000 This house is actually in my town so I could see it quickly, and I have a woman from craigslist waiting to rent a home like this for at least 1500/month. Let me know if you think this sounds good. How do I make an offer to the bank to lock this property up, and do it with zero down? I just paid my rent so I have no available funds. This way even if I cant buy it to rent, I can at least market it for another investor. Please help.



Syndicate content