Is this the way it would work?

Here is what is a possibibility.

A rehab property is available for 2, - 3K in a neighborhood of 56 -60K homes.

Owner lives out of state. I live same state but home is 3 hours away.

Home is close to college and hospital (lending itself to a good rental).

Other then what is asked to pay back taxes I know there is “a few hundreds” due before water will be turned on. per owner. I have to call the city but it is a holiday weekend :bobble

My idea is to contract the house for as low as I can negotioate…
with inspections and a 30 or 45 day closing… in the mean time erect a home made sign stating handyman special… 15,000 (or whatever I come up with).

Now I am going back and forth on this part…

Would the pro or cons be to do a double close… but what are closing fees and such on a 3k deal?

or have the seller and new buyer do the close with an agreement that I was owed ??? money at closing.

I am trying do do all my due dilligence… a professional friend of a friend is doing a drive by for me… I will talk to the city… even thinking of calling a neighbor… what more can I check?

Oh and I was also wondering… if I did DD for 2 or 3K does one have to go through a title company or can a quick claim be done and filed with the registar of deeds?

What are your feelings on that one?

If you are not using financing, then the closing costs for you as a buyer should be quite minimal. Attorney fee, recording fee, prorated property taxes and title insurance will be the bulk of the settlement costs.

When you are the seller, your costs may be your attorney fee, or your share of the attorney fee if you share the same attorney or settlement company, and a deed preparation fee.

Whatever extra fees your local taxing jurisdiction charges such as a title transfer fee can be paid by buyer, by seller, or shared equally in accordance with the language of your contract