is this a potential 7 day sale deal?

General Real Estate Investing
1

http://grandrapids.craigslist.org/rfs/647600250.html

Looks like a decent price. My plan would be to get an option on it. Then do a 7 day sale auction.

Zillow Estimate was $117,500
Asking Price: $99,900

I calculated my Maximum Allowable Offer to be $85,450. Assuming the zillow estimate is close. The Fast sale value is $95,450. I want to make $10,000 on the deal.

That is my post. Now let’s fix the post.

What details am I missing? What facts am I not considering about the deal. The obvious one is I need to know what equity the owner has. See what kind of things I can do with that. If they owe $60,000 or something this is a completely different deal then if they owe $95,000.

Noone answered the phone when I called so I’ve only been able to get the information in the craigslist ad as of now. What else do I need to figure out to find out if this is a potential go ahead deal?

2

Find out there reason for selling.

Get an appointment, talk to them.

Zillow estimates are never close, always need to verify with the neighborhood SOLD comps.

3

get in touch with a realtor and have them run you some comps.

also have you researched the property ??

https://is.bsasoftware.com/bsa.is/AssessingServices/ServiceAssessingDetails.aspx?dp=41-14-20-376-012&i=1&sna=spring&snf=521&sd=ne&appid=0&actSn=521&actSna=SPRING+AVE&actDir=NE&unit=115

do not go by what zillow -estimates say its worth. if it were that easy then their would be no properties worth buying available.

GL

4

I live in holland MI thought id lend a follow michigander a hand. :beer