any ideas ?? - Posted by louis

Posted by John on July 16, 2001 at 09:07:06:

wouldn’t the term “and/or assigns” after the name of the buyer be sufficient to flip the contract?


any ideas ?? - Posted by louis

Posted by louis on July 10, 2001 at 23:58:50:

I recently came across a mother duaghter (2000 sf)in my neiborhood that needs some work on the siding, front door,bath tile,
kitchen needs tile and apliances, some holes in the walls a couple new doors and rugs. I could rehab this home in my sleep and i even have everything in my basement to bring the home to a condition better then new (marble ect.)
my prob is it has been on the market for about 1 week and a realtor (remax) has the listing
he is asikng 220.000 for the house and i’ve seen these houses go in 30 days for 250,000-275,000 easy. i would probably do better in this market cosidering the upgrades i would make but how do i aproach this realtor creativly in a hot market ?
i don’t have the down payment to go conventional
but i do have good credit
and with my salary of 57000. i don’t think i would qualify for more than 1500,000 any way
any ideas ??

Re: any ideas ?? - Posted by Ed Garcia

Posted by Ed Garcia on July 11, 2001 at 01:07:42:


You don’t tell us where you’re located? You tell us that the house has been on the market only a week, but don’t tell us the motivation of the mother and daughter?

These are good questions, because there are many ways you can work this deal.

  1. You could Lease Option
  2. You could work a deal where the mother does a seller carry-back
  3. You could partner up with them and split the difference of the profit after the price you negotiate them down to.

Sorry Louis, I only can talk hypothetical because I don’t have enough information.

Ed Garcia

Re: any ideas ?? - Posted by louis rodriguez

Posted by louis rodriguez on July 11, 2001 at 10:17:10:

i can’t see the motivation as it is hidden behind the realtor that’s my problem
I am in Staten Island NY ,the market is pretty hot
and realtors …well you know how they are when it comes to creative financing …
he wants a prequal and 10% down conventionaly
how do i aproach this realtor with an offer that he will present in a positive way ?

Re: any ideas ?? - Posted by Nick

Posted by Nick on July 13, 2001 at 05:55:49:

You said that you have seen these houses go quick for 250-275. I would offer just under the 220 price and have the right to assign the contract. Put an ad in paper for the house to sell at 250 and then assign your 220 contract for 30K sounds like a good deal to me.

Make sure that the following clauses are in the contract:

Buyer may assign this contract.
Buyer reserves the right to show property before closing for the purpose of renting or reselling.

Good Luck