hey looking at starting to do this on mls reos talking to relators want your input on my numbers if i want to make a 10,000 fee for my myself. I know i can not assign an reo so i will work with a title co that can do a double close or simultaneous
List price
Fair Market Value/comps?_____ x .70_______ - repairs__35K Approx____ =offer MAx
1.) list price is $79,000
FMV/comps is $300,000 x .70= $210,000-35,000=175,000
my offer is 59,000? sell at 69,000 to rehabber?
2.) list 110,000
fmv 244,000 x .70=170,800-35,000=135,800
offer 80,000? sell at?
looks like i have alot of room here?
3.) list is 120,000
fmv 267,000 x.70=186.900-35000=151,900
offer?
4.)list is 129,000
fmv is 230,000 x .70=161-35000=126,000
offer
Not sure if you’re using real numbers or made up numbers here.
Have to say that it would be a RARE day when a REO on the MLS is offered at 30% or so of FMV, much less 3 of them. And they haven’t sold it. And it only needs $35K in work?
If the numbers are correct and IF you can actually get it under contract, then you’d have tons of buyers trying to get it from you.
Raj
1.)when i Contact the realtor do I need to see the house yet or can i make the offer from the online pics from mrmls,
2.)what do i need to do to tie up the house ,If i dont yet have a committement fro my buyer yet?
3.)can I use an escape clause?
4.)spoke to 1 investors that say he buy at 150,000
when should Meet with investor who may be interested, get ernest money deposit and sign the contract 1st and just hope he doesnts go around me I would be willing to do this on my first few deals so i am not obligated to but the house I want to wholesale hopefully a cash buyer
5.) If not a cash buyer meet with hard money lender and or small local banks,get pre approval letter,start talking to banks asap
6.)Fax docs to title come/double closing /simultaneous /how much are 2 closing fees,make sure the know how to double close,close 1st with the banks title and second with mine??