Once you find someone who is motivated to sell, is it a must to see the inside of the house? If so, do you talk about price or do you just send over an offer letter/purchase contract?
If you have a motivated seller, let them tell you what you should do! Ask them what they need out of this transaction.
You might not even need to see the property, just put it under contract and make it contingent on inspections and partner approval. Then do your inspections and you will be able to tell if you are going to make money on that!
I would assume you would know the area and comp's. I would assume you would know how long properties are sititng on the mkt and price, etc. What has the recent appreciation been. Is your mkt flat or declining ? you need to know what value is before you write an offer. You should definitely do a walk thru with a knowledgable person, preferably someone with rehab experience so you can get a sense of cost to turn. If you get a ballpark idea and it will work for you, then write an offer with the usual wiggle room.
Although I would not recommend it I do make offers on homes very often without ever seeing the home. These are not always written offers but sometimes they are.
The key to determining a modivated seller is how much they want for their equity. If you can negotiate $500 for their equity there isn't much more you can do.
Of course after that I look at the mortgage numbers, liens, judgments, etc and figure out if i can take sub2, short sale, or what exactly.
If you have a motivated seller, let them tell you what you should do! Ask them what they need out of this transaction.
You might not even need to see the property, just put it under contract and make it contingent on inspections and partner approval. Then do your inspections and you will be able to tell if you are going to make money on that!
Good Luck!
[addsig]
I wouldn't buy a pair of SHOES without seeing them and trying them let alone spend several thousand dollars on a PIG-IN-A-POKE
I would assume you would know the area and comp's. I would assume you would know how long properties are sititng on the mkt and price, etc. What has the recent appreciation been. Is your mkt flat or declining ? you need to know what value is before you write an offer. You should definitely do a walk thru with a knowledgable person, preferably someone with rehab experience so you can get a sense of cost to turn. If you get a ballpark idea and it will work for you, then write an offer with the usual wiggle room.
Although I would not recommend it I do make offers on homes very often without ever seeing the home. These are not always written offers but sometimes they are.
The key to determining a modivated seller is how much they want for their equity. If you can negotiate $500 for their equity there isn't much more you can do.
Of course after that I look at the mortgage numbers, liens, judgments, etc and figure out if i can take sub2, short sale, or what exactly.
Nike puts it best---Just do it!
GOOD LUCK