This is an REO prop. Sold for 700k in 2006, worth 800k on zillow.com a bit less on other site. The prop is a 8 bd, 3bth, 2900 sq ft living space, 22, 651 sq ft of lot size and close to all. The asking price is 389k and hoping to lock it up for 265k. Here is the latest from the agent:
"Thanks, was this a cash offer or will you need financing?"
I assume the above is, they may accept my offer. Here is the run down of the comps:
Asking Price - 389k
Purchase Price - 265k
Renovation - 200k (High end)
Loan Total - 465k
Possible FMV after Renv.- 600-800k
So my question is, do I need a lawyer once the offer is accepted to look at my PA and check on contigencies?
Any comments will be much appreciated.
"Keep praying and work hard cos it will rain someday soon to water that garden."