Property

Comments(17)

• 
  alibroth14th March, 2005

  Thanks for the replies..

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  96investor7th March, 2005

  TTT!

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  ryand12th March, 2005

  i have looked at about 3 houses in the past couple weeks i passed up because they were so bad. i looked at my options and went over what i could and couldnt do with them. sometimes you have to look at 20 houses before you can buy one worth doing.

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  InActive_Account14th March, 2005

  so true - I average just under 20 contracts/offers for every property I close on.

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  InActive_Account13th March, 2005

  Marine,
  
  Don’t let this one slip away from you due to analysis paralysis. The first step will be to get this property under an assignable contract contingent upon a clear title. Next do a title/deed/lien search to make sure that there are no serious judgments against the property. I would make an offer 300K just to give him enough room to counter your offer. You never know, he just might run with 300K… Once you have the property under contract, look in the news paper for investors and/or attend your local REI meeting with brochures about the property. In my opinion you should at least be able to get a 20K assignment off of this deal.

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  marine4life1813th March, 2005

  First thanks for the reply. My next question is about ernest money. I thought that you have to have some sort of ernest money in order to get the property owner to sign the contract? Is that not in every case? If I do need it, how much is reasonable?
  
  Again thanks for the info and advice,
  
  Mike

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  InActive_Account13th March, 2005

  Use your discretion. You can give as little as 10.00 bucks if your seller will agree to it. The earnest money just makes the contract binding. Become a habitual lurker of these boards and they will teach you everything you need to know in a very short time.

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  marine4life1813th March, 2005

  Thank you so much! This is overwhelming right now but I know I can get it done. I appreciate your help. How long does a standard contract allow me to come up with the funds, or, in my case the right investor?
  
  Thanks,
  Mike

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  JasonFLAinvestor13th March, 2005

  30 days, but when you assign the contract, remember the 30 days does not start over for the new buyer coming in....so if you find an investor in 2 weeks, then they only have 2 weeks to close....

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  maxwellpropertyinvestment13th March, 2005

  With a realtor involved you will need a deposit. If all you have is $1000. tell him thats what your willing to put down.

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  marine4life1814th March, 2005

  So, the down is differant from the ernest money? I will keep you posted on what happens. One last question that was raised by my father when I ran the deal by him. The comps are from the realtor but my father was wondering when / if an appraisal is done. I am going to look at the property some time this week and if all looks well I will make an offer later this week. Yee Haa this is exciting!
  
  Thanks again for the advice,
  Mike

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  iamhappy14th March, 2005

  In regards to the earnest money, you could state "earnest money due X amount of days of contract being accepted". That way your $$ is not tied up while playing the negotiating game.

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  marine4life1814th March, 2005

  This is good stuff, thank you. I should be looking at the property wed or thurs. My offer will most likely be made fri if I like what I see. How soon after that or when should I get an appraisal done on the property?
  
  Thanks,
  Mike[ Edited by marine4life18 on Date 03/14/2005 ]

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  dealfinder11th March, 2005

  In addition to the "physical address" do you also have the parcel number and the legal description?
  
  Dave
  [addsig]

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  CherCat11th March, 2005

  Thank you all for your suggestions.

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  InActive_Account12th March, 2005

  Real estate agents can be a good source of info. They have access to past and present sale info - they even have access to rents in the area and can print up reports for you.

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  cnj14th March, 2005

  try ziprealty d o t c o m