First REO offer


just looked at this property today. 3BR 1.5 bath, RR, 2 car garage. Intention is to Rehab then Sell. 4months

Listing price is $112,900
repairs 7k, paint, carpet, tile, some trim, etc. i have good general laborers

houses in this neighborhood sold from 112k to 140k.

avg. days on market for area is 32 days.

ARV is 123k.

I plan to offer 80k

80k pp
7k repairs
1,200 holding cost
6,200 payment on loan after 4 months
8,400 realtor fee to sell and closing cost
1k loan apprasial, etc.

sell price 120k

profit $17199

pre-approved for a conv. loan at 7%, using HELOC at 7% for down payment and repairs.

I believe i have everything straight. repairs should take less than 30days. Comments plz, to make sure i have everything in order before my first rejection :wink: thx

Why wouldn’t just do an assignment for about 5k and move on. Bypass all those costs of closing and you never go on title.

Get it for …80k
assignment fee…3-5k
investor/rehabber - potential profit
after all costs…15k

(all this is assuming your numbers are correct)

Get 3-5k for about a weeks work — and go find more deals.