Writing An Offer Letter.
Greetings All,
There is a house on my block I would like to purchase. The house needs a good $20K to fix it up nice. I have found the owner and address. How or what do I say in a letter to the owner to offer them a fair market price and to get them interested in selling? Does anyone have a formula or pre written letter that is used? Looking forward to your replies. Thank You
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Hope that helps
[addsig]
go to his house, knock on the door, ask him if he wants to sell his house?????
First have the house appraised as it stands right now. Based on what you are saying....it should appraise in the $130k area....because it an investment, you can get 80% financing through most banks.....finance the home for $104k (80% of 130k) and then after the 90k for the house, you walk away from the closing table with $14k, and now you have the cash to do the repairs on the home, combined with your $8k and the $14k should cover repairs and then your own advertising to sell the home....with $112k invested, sell it for $150 after all repairs....a nice fat $38k payday....OR you could just get the house under contract, and then flip it to a rehabber, for say $10k (this way you would never have to close on the property)....obviously to capitalize on the profit, plan A would be the best move....
I got a lender working on the loan qualification right now. I like your idea though, I just have the cold feet...But warming up quickly. I was trying to see if I could get a construction loan to do the repairs and take money from the closing.
Damn good pitch...now explain the transaction 8-)
Good Closing