I hope i’m posting in the right place. :banghead . I’been looking at a property inMichigan that is $5,500. Owned free and clear, no leins. Upgraded in 1962 and later. Selling as is. Zillow estimates the ARV TO BE $84k. One photo of the exterior and that looks like it need some tlc. No pics of the inside. 4 bed rooms, 2 baths on .22 acres. Will ask owner tomorrow if i can see any interior photos.
I want to make an offer of $2,500 seller financing 100% no escrow or if he insists $1 escrow and no closing costs, with a closing in 60 days. I know there are different schools of thought here so i’m willing to listen. It woud be my first deal. My goal is to flip it to another investor for a small fee and start building capital to do more deals.
:help
I know some would say why should he deal with me when maybe someone will offer him cash. I say if you never ask, you never know. I have to start somewhere and this might be the deal to cut my teeth on. The seller did say he was motivated and would entertain all offers. Also where do i find the contract to make the offer?
Thanks for your help. :help
Investor-Newbie :bigok
First stop using Zillow… Their algorithms are too far off. Set up with first American title to gain access to “Fastweb” their online property profile info which includes comps…
In the mean time if you want to determine value. Call three agents in the area… Pretend your the owner and that you need an idea of value and are looking to list the property…
As for seller financing; if the house is free and clear its already seller financed… Its not a stretch that the seller will continue… As for 60 days without escrow: that may be a little harder to obtain…
thank you so much Michael. I really appreciate your advice.
If you want post the address with the county and I will get you the comps…
Thanks Michael,
Sorry it took a while to respond. Here is the info 111 E. Belmont St.
Kalamazoo, MI 49001. I warn you, it’s a beauty, looks nice for my first deal. If not i’ll just keep looking.
All the Best
The only way I can think of to do a no escrow, no closing costs would be for the seller to sign over a quit claim deed to you, and then you hand carry it to the recorder’s office to have it recorded. Even then, there will be a recording fee.
Sorry, but I think it is foolish to buy any property without a title search and title insurance. That costs money.
I wish you luck, but I suspect that you are cutting too many corners.
thank you for your advice tatertot. i’m glad i have the opportunity to ask for opinions from you guys and girls with experience.
Best Regards,