what are my options for this deal?

Hi all! This is my first time posting, and I’m looking for some help.
I’ve been interested in real estate for quite a few years, and bought one property about 6 years ago to fix and flip. Since then I haven’t bought anything else. I’ve been reading the posts, but dont have too much time to go through the archives as I found a deal I need to move on.
I have found a property that is on MLS, and has only been on the market for a week. The property is a foreclosure. It’s a 3500 sq. ft single family house in a really good location on 1.5 acres of land. The asking price is 215k, and it’s assesed at 375k. I may be new, but I know there is money to be made, but I need to act quick. Can anybody tell me if there is any way to do a double close on this house if I get it under contract first?
Or is my only option to close on it first and then find another buyer?
From what I have read it seems that experienced investors lean more towards finding motivated sellers that haven’t listed the property on mls, but if there is that much equity in a property, does it matter where it’s coming from?
I think this might be the right time to jump in the real estate market, and want to make this happen…
Any advice is appreciated. Thanks!

Hi Jess,

Be careful with the Assessed value, if it is Assessed Tax value it has no meaning to what the house will actually sell for or what it is worth.

You should consult with a Real Estate Agent or appraiser to get the true market value of the property before you put it under contract.

Yes, I was going by the assesed tax value. however, i know that it sold in 2004 for 354k. I know that was the peak of the real estate market, but I can’t help but think that it should still be worth way more than they are asking. It is in a suburb that is considered a ‘richer’ type of community. I will contact my real estate agent and see if she can pull some comps. As far as financing goes, I dont think I’ll be able to go conventional, so it seems hard money might be a path to investigate. I don’t want to do anything with this house as far as fixing it up goes, so I don’t plan on having it very long. What are your thoughts about that?

As was mentioned, the tax assessed value means nothing. Get your comps and let us know what they are. Then we can provide some solid information. It is difficult for us to tell you if it is good or bad when we are not familiar with the area.