Craigslist FSBO - Port Jefferson Station, New York

[Francene Iaizzo]

I found a property in Port Jefferson Station, NY. FSBO and the guy is moving out of state next month! He's asking $115K and the house needs a ton of work. The comps for that area look to be $250 - $400K (that's at a glance).

What do I do first, second, third...etc.??

I downloaded a Purchase - Sell Contract from the BP File Place.

Do I need a REA?  I'm thinking "no".

I'm thinking "seller financing" but if he has a mortgage then what?  Does the bank holding the mortgage have to agree to the arrangement of  "seller financing"?  I'm going to need guidance with this if it comes to fruition.

Should I immediately find a Title Company and a Contractor? I'm thinking "yes"

If we can't do "seller financing" I'm thinking a 203K loan to get me started (then I need an an FHA approved contractor, correct?).

Thinking I should talk to a few banks right away so I know where to turn if need be.

Just thinking out loud.  I've been looking for a good deal and now that I think I found one it's like being a "deer in the headlights!"  Frozen at first but as I think it through it becomes easier to conceptualize.

Any advice  would be so appreciated.  I'm doing this alone. Also, if you are in my area and you would like to reach out to me and maybe even talk, that would be awesome.

Thanks

[Christopher Rutherford]

@Francene Iaizzo I just wanted to answer your question about the 203k contractor. On my first deal I did a 203k loan and I was able to use a highly recommended contractor in town. He was not a "approved contractor" he actually had never heard of the 203k loan. I just explained to him what the loan was and how it would work and that there would probably be few hoops for him to jump through but he was fine with it and there were no issues. Let me know if you have any other specific questions about the loan or process.