Should I Close Or Let It Go?
Hi all,
I have a property under contract with a wholesaler. She is selling for 42k, wrote the contract up for 55k, as her estimated appraisal price for it would be around 60k. I get my 13k back from her at closing. She has also quoted me about 750-850 for the area in section 8 rent.
The appraisal has come back to my lender at 48k. The property needs 2k in work, and I am now wary of closing on this, as I see my exit strategy disappearing. It has gone from a great deal to a so so deal in my mind. How would you more experienced folks handle this? Thanks in advance! :-?
i would not rely on the w/s'ers appraisal. she has every reason to make it high. go by the lenders or get your own independent appr...........km
Keep in mind that all propertie's value is really a range. An apprasial is going to come in at the highest price any reasonable person would pay for the property.
As an investor you want to purchase much lower.
I would pass on the deal. GOOD LUCK
Have donate the property to a participating non-profit org. (Seller gets big charitable deduction - sufficient to offset capital gain on sale) Seller and org would FIRST execute an irrevocable agreement to pay seller a certain amount upon org's cubsequent sale to you.
You buy from org. Org gives agreed upon amount to Seller.
For a participating org, emaill **Please See My Profile**
Have donate the property to a participating non-profit org. (Seller gets big charitable deduction - sufficient to offset capital gain on sale) Seller and org would FIRST execute an irrevocable agreement to pay seller a certain amount upon org's cubsequent sale to you.
You buy from org. Org gives agreed upon amount to Seller.
For a participating org, emaill **Please See My Profile**