First offer Pending........

First offer Pending........

I posted this in my journal, but thought I would like more input so I am reposting this deal here...

I would like to know your thoughts on the technique presented here as I have never really done this....I just BELIEVE.....that it should work.......

I am going to speak to my lender tomorrow about getting pre-approved. I have found a house that is in decent shape, and has a very desireable layout, and has about a $67K equity available on it. I intend to do this NO MONEY DOWN. I will of course have to come up with earnest money, but thats no big deal. The house needs MAYBE 10 - 15k in clean up and repair and I already have renters for it. I am hoping to get an ARV loan on it for about $160k picking it up for $120K. House comps in at about 180K. Bank is asking $140k and they originally countered at $127k without even mentioning the disrepair issues. At 120K I will go into escrow and write a check for the 10% down that is available to me here at this time. That $12K check will be written at time of close, and I am expecting that once I hand my check to the officer ....he in turn will hand me my $40,000 check. Mind you....I don't have the money for the down..THAT MONEY is in the $40K check they will give me. It takes several days for a check to clear, so as soon as I leave the escrow office I am going to my bank and depositing it to COVER MY CHECK. Easy No Money Down, and a great house. Best of all.......I walk away with $28,000 in my hand.....CAPITAL to fund another purchase.

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BUILD your knowledge base....it is your ARSENAL to wage war against disbelief and the negativity of the status quo. You need your weapons......It's your choice whether you carry them or not.
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Build Relationships and open the door to opportunities that could once only be dreamed of......never take those relationships for granted.
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Don't let EXCUSES be the nails that keep you INSIDE the box.


SAM

i hope your car doesn't break down on the way to the bank. Guttsy move man, real guttsy, but sharp!!!...Jan


Thanks

Thanks for the encouragement. good luck to you also.

__________________

BUILD your knowledge base....it is your ARSENAL to wage war against disbelief and the negativity of the status quo. You need your weapons......It's your choice whether you carry them or not.
------------------------------------------------------------------------------
Build Relationships and open the door to opportunities that could once only be dreamed of......never take those relationships for granted.
--------------------------------------------------------------
Don't let EXCUSES be the nails that keep you INSIDE the box.


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