Hello everyone!
I just received a hit on a property 1/1, small, rinky dink SFH at around 672 sqft. In a decent neighborhood. The seller is motivated- she inherited the property from her mother and can’t afford to pay the taxes. The house is free and clear, no mortgage. No occupants. 1 acre land. Older house built in 1942, but I think I can keep the repairs and renovations below 10k.
Based on quick comps the house’s APV will be around 118-130k. She is asking for $40k as is.
I am a noob, and need your opinions. Also, she has it listed under a real estate agent, and being new I don’t know how that works and how it effects my dealings with her.
Do you think this is a good deal? How do I deal with a property that is listed?
ALL of your opinions are welcomed and very much appreciated.
Thank you and the best of luck with all of your endeavors.
Man, good luck with that. I’ve had many deals screwed up by agents. Dealing direct with seller is a walk in the park compared with dealing with a snobby know it all realtor.
They dont understand wholesaling, I’ve had them tell my sellers that what I was doing was illegal. I tried to explaine to the homeowners that realtors are ignorant of Real Estae law and they just think they know everything and what I’m doing is perfectly legal, to no avail.
Trying to explain it to a Realtor is futile, their beady eyes will start rolling up,
they cant wait to get back to their client and get their chump change and cut me out of the deal.
But, then again, it’s worth a try. The realtor will make you fill out a 20 page contract, show proof of funds and make you put down a $1,000 earnest deposit. Then you will have to do back flips thru a burning hoop while juggling oranges and smoking a stoogie while singing dixie.
Thank you Randoskie. I appreciate the advice and heads up. So, I want to make sure I understand the rules correctly- I am not able to go directly to the buyer and offer her a cash deal and buy it directly from her?
If it’s listed with a Realtor, you can pretty much guarantee you can’t cut the Realtor out of the deal by going directly to the seller. Realtors have a form their clients sign which gives them exclusive rights to that listing for a period of time. This means that even if you and the seller worked out a deal, the Realtor still gets their commission.