Help Please - Newbie Has Question About House For Sale.
Hello, I am looking to buy a house, do repairs and resell. I ran across this ad under "properties" on this site and not sure what to make of it.....Could someone please explain in Layman's terms :) Thanks so much. Here is the Ad: "Hello, all I have a contract for a property near Edmundson Village, which I am willing to assign. Currently Section 8, rent is $675. Occupant is employed and going to college. Wants to buy the home and has already begun making improvements. She ha" Price: $30,000 FMV: $045000
Comments(0)
Someone has a contract to buy a house that can be assigned to you. In other words, you can be the buyer under the terms of the purchase contract. Section 8 is a Federally funded rental assistance program and there is a tenant in the property that is on Section 8. The rent is $675/month. The tennant wants to buy the property. The contract price is $30,000 and its Fair Market Value is $45,000.
Thanx... so I purchase the property for 30,000 and in turn sell it to the current renter for fair market value? Something just does not sound right to me.
I suspect that the tenant is not an immediate candidate to purchase although I believe there are section 8 programs for home purchases. Most likely there may be a lease option potential where the tenant leases but has an option to buy within a specified time period.
You could contact the person who is offering this and get some details.
ed....i think i am goingt to do Just that...contact them again. Something just doesnt make sense to me.
thanx again
Thank you for replying. Im sure I will have many additional questions as I take this journey into real estate investing. I appreciate any information or advice you can give me
You should make a list of questions and contact the seller. This would work best.