Can I Assign A Long Distance Property
Hello Investors,
I have a motivated seller in a different state. He is willing to go 80 -85 % below market value. He's behind on 2 mortgage payments totaling $1,678. It's a two family house, rent goes 1, 200 and 950. He has a tenant not paying rent and lease is expired. He is living in the 1,200 duplex. His mortgage is 5% interested fixed at $839 .He's insurance is 209 a month. I looked up his property online and there is no recorded liens etc. How can I find the "as is" value if I'm not in that state. I would like to assign it and flip to a local investor. For all I know the house could be an burnt up and abandon. Is there a way to have some one check the property and give me an estimate with out a fee. I was thinking about a real estate agent, but I don't want the property to be snatch from me. I don't want to assign unless I have the proerty looked at. Any suggestions.
How can I find the "as is" value if I'm not in that state
I would suggest getting comps from a broker or realtor.
Is there a way to have some one check the property and give me an estimate with out a fee?
Yes it all depends upon your networking skills.
My biggest concern for you is that you are trying to purchase a property sight unseen, you do not know the market area and you will assume eviction of the current tenant.
With all this added in will most likely cause a great deal of problems and the worst end a loss of profit.
hire a local home inspector to get you a report on the property, even disclosing the full value of the property.
Fred Sweezer Sr