First Deal Question

Ok, A person I know wants to sell me my deceased father's old house (long story). It is in a depressed area of texas but has about 7 acres of land. It is 3 br but needs lot's of work. She offered it to me for $40k. I think I could get her to sell for maybe 5-8K less. I do not want to have to move in or do any of the work. What I was thinking was having it appraised as is and seeing if I could turn a profit. If so run an ad as a handyman's special and see what comes up. But my question if I find a buyer how could I structure a deal where I basically just turn the property over. DO I first have to buy it outright before I sell or can I do it another way without being down there (I live in NJ). Any advice would be appreciated. It could also be turned into multiple lot's as well. Thanks in advance.

Comments(5)

  • kevkarb26th February, 2004

    Would she let you get an option to buy the property? Then you could advertise, like you said, to find a buyer - for higher then your option so that you make a profit.
    You should then be able to just assign your contract to the new buyer, but make sure the paperwork you originally use does not say that the contract is not assignable.

    I haven't done this before so if for some reason it can't be done this way then someone please let paleoman know

  • paleoman27th February, 2004

    any other options?

  • paleoman29th February, 2004

    I called an appraiser and he is going to go find out what it's worth. Is this a smart first step? Do I have to disclose to the seller what it is appraised for? Any advice would be great!

  • DealerJo29th February, 2004

    Where in TX is the farm? I might be interested to give you some commission if I like the deal. let me know!!!

  • paleoman29th February, 2004

    It's not a farm, it is residential. 3 br ranch house w/ swimming pool. wooded lot.

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