What year is the house?
What year are the comps?
Is it a 1 story, or more?
Are the comps the same, or not really comps?
Is the FMV $117k, $125k, $162k, $172k, or something different? What is the real FMV?
Are there repairs to do? How much to fix everything?
Does the house have people living in it? Are they the current owners in foreclosure?
When is the foreclosure sale and how much time do you have?
Instead of step by step, and help with your confidence, get some more information on the property so you can determine if it is a deal or not. If it is a deal, then you can get help with the step by step if you haven’t learned that yet.
What you don’t want to do is purchase for $105k and it is only worth $117k, but that is only after you get the repairs of $12k completed. How will you make any money? You need to make money on the deal to make it worth doing.
Posted by Mchell on November 12, 2002 at 10:36:52:
Hi, i posted this message in the financial section also, i just want to make sure someone here can help me figure this out
I want to do my first flip, and im scared to make any calls…because i dont have anything lined up …attorney, lender etc. ive just been lurking around trying to learn. so, now im overly motivated, i actually have a mental block going on.
I joined a free trial on a foreclosure search site, and i found this house for sale with some interstate foreclosure…(agent?)
1962 sq ft
4 br/2ba
list price is 105,000
tax value is 116,000
i compared sq ft to houses sold within 1 mile and 1 yr and that range came to 117,000-171,000
OK, our credit is slowly repairing from major damage 7 yrs ago…we own our home plus our previous residence we now rent. No Cash is available to pursue anything, so i was inquiring with you all…HOW or would you pursue this deal? hard money? what about the remainder of cash needed? (they go upto 65 LTV right?) any help would be appreciated with this. maybe you could give me a step,by,step on what to do next? help me with my confidence! thanks!