Need help! I just finished reading "Profit from Reas Estate Right Now" and am reading to dive in to all of this. Well I have friends who are in this industry. I have the ability to receive properties that are very low in price. A good friend of mine use to work for a bank where he dealt with REO's and he helped me get the house I am living in which was my first home. With his help he found me a condo that is a short sale and is listed for 34K. Now I was originally planning on buying this with him because I do not have the capital to purchase it on my own. I told him about some of the techniques that I have learned in the book and he is skeptical. I told him that the book even told me this would happen! Well him and I looked at the property yesterday and we placed an offer for 28K. He informed me that it needed a few thousand to fix up to sell. Our original plan was to buy it and hold it until the spring or summer when he says the market picks up. My problem is that I will have to pull money from my 401K to do this and would rather not. I told him I wanted to try using the no money down techniques that I am learning from the book to accomplish this. I looked at some of the websites online that were recommended in the book to determine the FMV. I'm not sure if I should utilize this info because the sites all listed the condo at about 100K,which seems great but I don't think that number is realistic with the way the market is now and when comparing what other propterties are selling for in that area. I guess I just want advice on what do do if I get approved for the 28K? The real estate agent is under the assumption at this point that we are buying it outright. If I change my plans now then I will need to have new paperwork such as the Investor Disclosure Notice and Sellers Ackowledgment paperwork completed right? If I submit this idea to the real estate agent now will they reject me? As mentioned, I would love to try either the IEE or Assignment on this deal if I could. If I do, then I obviously will need to find a buyer quick. I'm sorry for the ignorance but I am brand new to this! Can anyone recommend what my next step should be?
Buying a Shortsale
Posted on: Mon, 11/09/2009 - 03:39
Buying a Shortsale