I am so excited, this could be my 1st deal. Heres the situation....
MLS REO foreclosure, listed for $24,500
Tax Value - $64,000
Have buyer interested but wants to see it now. This is an REO with no chance of locking it up without proof of funds. Can't get proof of funds from him until he sees it and commits to buy.
1. It is on the MLS with a real estate sign out front so if I show him before I lock it up, what would prevent him from making an offer to agent?
2. I could tie it up with my proof of funds prior to showing him but I'd need to show my bank account and would not be able to use financing as my exit strategy. IF I do that and he doesn't want the house, how would I get out of it?
3. This house would need total rehab and not something I want if this buyer doesn't come through. The buyer is not an investor, he is looking for a home to rehab for himself. Would be his first home. How can I lock this deal up?
Appreciate any help. Thanks!