If you purchase a property through a Bond for Deed are you able to refinance the property and then use that money to do repairs and upgrades?
Thanks for any input.
Hi, I have some questions to you, first I want to tell you that you got a good deal, Did you do a loan I supposed for what I am reading about that you have 2 months or at least the rest of the august and september and your first payment would be on octuber right ? if you close on 8/24/05 How can you close so fast ? did you have everthing prepared, title, contract, appraisal, 1008, 1003 , evidence of hazard insurance, and other conditions that the bank could ask ?
for what you are telling in my case , my experience it would be a nice idea to resell it at FMV 130K and you take care about closing costs , just ask for Earnest money and that they pay the appraisal that is a strategy ( simbolic ) so they can be very serious about this deal and if they back off, they loose their earnest money and the money that they payed for the appraisal, In my opinion it depends if you need the money ASAP or you want this house for investment and for future, depends your needs, you need to aim your needs and then ask what options you have
Let me know if I could help you a little bit on your questions and please answer mine
If I were you I would not step back of this great deal, cheers up and go ahead, everything that you wrote it seems a very good deal, just you are right if you are draining up for expenses, you should get another resource as a Heloc so you will not get drain up.
But if everything is ok , no liens, and it is a clean property, congrats. again , that is a good potential house and a very very nice starting.
It depends what you are looking for, what are u needs ? wich kind of market do you have ? are u in this business ? or you do it as an extra ? depends how quicky you want to get back your investment + profits. If you care about time or not, depends a lot of factors, you need to answer all those questions then you can decide if you can keep it or not, maybe you will drain up all resources that you have buying thsi property, maybe it is not your case. and yes, what you describe on this property it seems not to be the best one but if you get it as a bargain it would be a good possibility to think again on all these questions
How many square feet is the house? Can you take the rought layout to a designer and get some ideas of how it could be changed?
Personally, I would probably not buy the house unless you could steal it. I just looked at a house that had two bedrooms that were abour 9x9 each. Just could not get by the fact that nobody could have bedroom furniture in their bedroom and the bedrooms could not be easily expanded.
First, would it be a good rental? What are houses renting for in the area? Can your rent cover your PITI, vacancies and repairs, and pocket you $300 a month?
Second, would you get stuck with the house? Well .... it has sat on the market for 1 year at 170k so obviously that is way over priced.
In this market, which I think is still a renters market; it would be difficult to find tenants. Tenants have so many choices that they can now pick and choose where they decide to rent. Unless you have the reserves to hold while the market changes (at lease one year), I would pass on the rental idea. I have no idea what the rental market currently looks like in your area so the above thoughts are based on the my experience in my area.
Is the land worth a lot? If it is, you could always demolish the existing house and then sell the land to a builder for a tidy profit. Like you, I believe there is someone for every house. The price has to be right though and at 170k, I think this is far from right.
rns,
Hi, I have some questions to you, first I want to tell you that you got a good deal, Did you do a loan I supposed for what I am reading about that you have 2 months or at least the rest of the august and september and your first payment would be on octuber right ? if you close on 8/24/05 How can you close so fast ? did you have everthing prepared, title, contract, appraisal, 1008, 1003 , evidence of hazard insurance, and other conditions that the bank could ask ?
for what you are telling in my case , my experience it would be a nice idea to resell it at FMV 130K and you take care about closing costs , just ask for Earnest money and that they pay the appraisal that is a strategy ( simbolic ) so they can be very serious about this deal and if they back off, they loose their earnest money and the money that they payed for the appraisal, In my opinion it depends if you need the money ASAP or you want this house for investment and for future, depends your needs, you need to aim your needs and then ask what options you have
Let me know if I could help you a little bit on your questions and please answer mine
Ray
RNS,
If I were you I would not step back of this great deal, cheers up and go ahead, everything that you wrote it seems a very good deal, just you are right if you are draining up for expenses, you should get another resource as a Heloc so you will not get drain up.
But if everything is ok , no liens, and it is a clean property, congrats. again , that is a good potential house and a very very nice starting.
Well, my opinions it is that:
It depends what you are looking for, what are u needs ? wich kind of market do you have ? are u in this business ? or you do it as an extra ? depends how quicky you want to get back your investment + profits. If you care about time or not, depends a lot of factors, you need to answer all those questions then you can decide if you can keep it or not, maybe you will drain up all resources that you have buying thsi property, maybe it is not your case. and yes, what you describe on this property it seems not to be the best one but if you get it as a bargain it would be a good possibility to think again on all these questions
let us know
Does everyone else say the house is designed poorly?
Does it have a history of sitting when it is for sale?
How many square feet is the house? Can you take the rought layout to a designer and get some ideas of how it could be changed?
Personally, I would probably not buy the house unless you could steal it. I just looked at a house that had two bedrooms that were abour 9x9 each. Just could not get by the fact that nobody could have bedroom furniture in their bedroom and the bedrooms could not be easily expanded.
First, would it be a good rental? What are houses renting for in the area? Can your rent cover your PITI, vacancies and repairs, and pocket you $300 a month?
Second, would you get stuck with the house? Well .... it has sat on the market for 1 year at 170k so obviously that is way over priced.
In this market, which I think is still a renters market; it would be difficult to find tenants. Tenants have so many choices that they can now pick and choose where they decide to rent. Unless you have the reserves to hold while the market changes (at lease one year), I would pass on the rental idea. I have no idea what the rental market currently looks like in your area so the above thoughts are based on the my experience in my area.
Is the land worth a lot? If it is, you could always demolish the existing house and then sell the land to a builder for a tidy profit. Like you, I believe there is someone for every house. The price has to be right though and at 170k, I think this is far from right.
Good Luck,
JS.