Possible Deal
I have found a property and just located the owner of the property. I verbally offered to buy the property for 159k. I have checked some of the comps in the area and the other properties with roughly the same style set up, sqft, etc sold or are selling between 195k - 210k. I had someone come out to give me an estimate of fix up, that would cost roughly 5000.00, and all that needs done after fix up cost is to mow the lawn and clean the inside up and the outside - Minimal cost. I have a potential individual/handy man that is willing to buy the contract from me for 185k. He has offered to give me a 2000.00 earnest money check. I would walk away without doing anything except get under contract (I think). Does this sound like a good deal? Any comments, suggestions, feedback would be greatly appreciated.
Thanks
Sounds like a great deal to me! You get a property under contrct for $159,000 and you have a buyer wanting to pay you $185,000 for it?? And you have to do nothing else? That is a fabulous deal! I would take a $26,000 profit for that little work ANY DAY OF THE WEEK!
Go get it under contract!
Good Luck!
MWK
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Looks like you struck gold in Colorado! Listen to the advice of Mattfish and go get it under contract before someone else does. Congratulations.
Dave
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Thanks for your input. I will write up the contract (or have someone) walk me through it, and proceed.
Thanks again for the back up