Real Estate Investor · Seaside, CA · Member since 2012 · 29 posts · 4 votes
Hi I was presented with an opportunity to buy a property cash and I ma very scared, I will make an offer personally and not know what are the steps, never seen any one do it but the property I know is a good deal, for $200k and market value after repairs $300-325K. Some repairs kitchen needs to be leveled and windows need to be replaced plus cosmetic, land scape etc.
Please advice me on what requirements I should bring up with my 200k offer?
Real Estate Investor · Saint Petersburg, FL · Member since 2013 · 1k+ posts · 951 votes
11y
You won't have a financing contingency but you can certainly have an inspection contingency which can be any length of time you and the seller agree to in the contract. That will give you time to get your bids and make sure there aren't any major issues you overlooked or you weren't way off with your rehab numbers. If something comes up you can cancel during your inspection period or bring up the new issues with the seller and try to renegotiate a lower price.
Real Estate Investor · Lancaster, PA · Member since 2015 · 102 posts · 102 votes
11y
This might not even be a deal my friend.
What is the dollar amount of the needed repairs?
Most people would say that if you cant buy it and rehab it or 65% of its ARV (after repair value) walk away. Some people stretch that to 70 or 75% if they are experienced and have many buyers lined up, but as a newer investor I wouldn't recommend it.
Lets leave all that aside and answer your question.
-"Offer subject to physical inspection my my team for 10 days after acceptance of offer"
Should be all you need. You dont need a bunch of clauses, you just need one good one.