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sarge006

First possible deal!!??

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Well, I might have my first deal and I have the Heebie Jeebies!! Here are the specifics: 4/2 in good neighbohood--- recently mostly all renovated---- Comps between 80k- 85k-----It is an estate sale and all he wants is 60k!! I know there is too much spread for a CA ( plus they are dividing the profit between 3 Siblings- so they want to sell it now). Should I try and do a pure option for 60k and assign it to an end buyer for 65k or 70k?? Would this be a simultaneous closing?? A little help on my first one--I'm still a Real Estate Virgin!!!!!

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sarge, when dealing with estate sales and multiple heirs, they almost always just want the cash and to be done with it. So a Pure Option makes sense for you. Your objective is to negotiate the lowest possible price for the longest option period, then find a third party to assign the deal to for an agreed to amount. That amount will be dependent upon the value of the deal. Verify the fair market value taking a conservative approach, and make a low ball offer and let's see what kind of reply you receive.

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Thanks Mike--Looking at this property today and called the one invester I know who is only interested in buying and holding. Even if I only get 5k out of it--it will be a huge boost to my confidence level.

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Sarge, don't put all your eggs in one basket with this investor. You're going to need to do some aggressive marketing to locate someone who is interested and to begin building your buyers list.

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