I Was Thinking If I Can Do This.......
Hey there
I was thinking if a foreclosure house that it is already listed by a listing agent
Lets suppose that the selling price is 185,000 and you know that this property values 205,000 with comps and an appraiser, so you can sell it for that price.
I do not want to make an offer for lower thant they are listing, I just whatI want to do this I have the buyer who wants that house for 205,000, he does not have cash, he will get a loan for 205,000 so the bank who has the property can sell it for 205,000 ? get only the 185,000 and I get the rest ?
The way that I am trying to do this will work ? they do not accept assignments on foreclosures properties when a listing agent is selling it ?
Let me know what options I can have to make this deal happen, It does not matter if the buyer knows how much I am doing, I just want to create a good way to make my deals happen
thanks
I would imagine it depends on the area and appreciation. If in a high appreciating area, the new homes would be less work and pretty profitable.
[addsig]
Yeah, your markets will be the final deciding factor. I do rehabs and I know in the baltimore-washington market, you tend to make more money with new builds. however, it usually takes longer and requires more team-members and know-how (sub-dividing land, perking it, etc.).
Mark