Help Please - Newbie Has Question About House For Sale.

Hello, I am looking to buy a house, do repairs and resell. I ran across this ad under "properties" on this site and not sure what to make of it.....Could someone please explain in Layman's terms smile Thanks so much.
Here is the Ad:

"Hello, all I have a contract for a property near Edmundson Village, which I am willing to assign. Currently Section 8, rent is $675. Occupant is employed and going to college. Wants to buy the home and has already begun making improvements. She ha"


Price: $30,000
FMV: $045000

Comments(5)

  • edmeyer14th December, 2004

    Someone has a contract to buy a house that can be assigned to you. In other words, you can be the buyer under the terms of the purchase contract. Section 8 is a Federally funded rental assistance program and there is a tenant in the property that is on Section 8. The rent is $675/month. The tennant wants to buy the property. The contract price is $30,000 and its Fair Market Value is $45,000.

  • Wayneone15th December, 2004

    Thanx... so I purchase the property for 30,000 and in turn sell it to the current renter for fair market value? Something just does not sound right to me.

  • edmeyer15th December, 2004

    I suspect that the tenant is not an immediate candidate to purchase although I believe there are section 8 programs for home purchases. Most likely there may be a lease option potential where the tenant leases but has an option to buy within a specified time period.

    You could contact the person who is offering this and get some details.

  • Wayneone15th December, 2004

    ed....i think i am goingt to do Just that...contact them again. Something just doesnt make sense to me.
    Thank you for replying. Im sure I will have many additional questions as I take this journey into real estate investing. I appreciate any information or advice you can give me smile thanx again

  • getgoing15th December, 2004

    You should make a list of questions and contact the seller. This would work best.

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