Options to buy real estate - Posted by Scott

import · February 20, 2005, 4:37pm

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import · February 20, 2005, 4:37pm

Posted by Scott on February 20, 2005 at 17:37:47:

I’m looking for more information about how to tie up real estate with an option, and doing this from your computer and phone without seeing the property. How is this done?
Does an optionee require digital photos to be emailed? Then, how does one determine the market value and what to write the deal for? Then how do you find a buyer as an arm-chair real estate investor?

Scott

import · February 22, 2005, 4:37pm

Re: Options to buy real estate - Posted by Brent_IL

Posted by Brent_IL on February 22, 2005 at 17:37:57:

As John said, it can be done, but I don’t think you’d make much money by doing it.

IMO, for this to work you would have to lowball every offer to excess, so the response rate would probably be almost non-existent. I don?t think any real estate agent would consider this to be a real offer.

One traditional source of below-market sellers are folks who live out-of-state and have inherited property or have lost touch with local values. If you have a method of locating these property owners on-line, you can give them a try.

I think as a real estate investment plan it?s probably useful as an alternative to playing FreeCell. Only one opinion.

import · February 20, 2005, 7:40pm

Re: Options to buy real estate - Posted by john

Posted by john on February 20, 2005 at 20:40:51:

Scott, I believe that it might be possible to do what you are asking. However you are asking for trouble buying sight unseen. You could hire an appraiser, home inspector, and title clerk to check out the property. A reliable contractor that would give a fair estimate on repairs that are absolutly necessary and opinion upgrades that would make the property sell quickly. You could even find a buyer by advertising on the internet.
Why would you leave so much to chance and the opinions of others? It is your money that makes it happen and if you don’t take a personal hand in the deal your money will soon be someone elses.