I just ran across a property when I was out driving for dollars and it isn't in the best shape of course. I looked up the owner on the county site and a non-profit organization owns it and it is a housing development organization helping low income people become homeowners. I called there and asked if people call to purchase their houses and they do and I want to purchase one of their houses. I was told that the board of the company actually brought up selling the house because it needs updated siding and I'm sure some other updates and the guy I spoke with acted like the board was pretty motivated to sell it because he said we can get it under contract and close it quick. I need to call him back and get all the details of the house to see if it is actually a good deal.
If anyone else here on BP has purchased a property from a non-profit, I would love to get some feedback on how to get it under contract. Would I treat it as a FSBO?
I did an appraisal for an investor who was purchasing a proeprty from a non profit a few months ago. He did the same thing you did. After he made contact and stated his interest abd the board approved the sale. The board had an old appraisal on file (about 2 years old) from when they received the property and that was the purchase price. Proerties do not aprpeciate that much in this area and the non profit was tired trying to fix/update the home, so the just let it go. I did the aprpaisal becouse he finaced it through a bank. Its like an FSBO but there is a board who will more than likely have to aprpoave/make the decision to sell and at what price.
@Ryan Farr I have done this before and have a deal in the works now. In my case, the non profit owns the house and rents it to another non profit that manages individuals with special needs. They want to sell it but not displace the special needs folks. I got it below market value because of the "strings" attached meaning I am going to rent it to them and not flip/wholesale, or sell it. Instant equity, good ROI, and cash flow for me... both non profits get what they want and the individuals don't have to move or accept change which is good for them.