An "as is" FSBO in suburban area, what do I do?
An "as is" FSBO in suburban area, what do I do?
This will possibly be my 1st wholesale deal but I don't have a buyer, my purchase contract I'm not sure is correct and don't have money to get it checked by an attorney. Here's the deal (so far):
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Townhome
Owner recently put sign up on the weekend
Owner is looking to sell & move out ASAP (he still lives in the home)
Owner wants to sell for business opportunity
Owner is selling "as is" for $189,900 (2 bedroom, 2 & half bath, 1,412 sqft.), according to comps. properties exact (only found 2), might sell for $205k
INSPECTION: Due to it being "as is" there's no need for property inspection, since end buyer might do that anyway. Or do I still need to do it?
PICS: I'm not sure If i'll be able to take any pics of the inside, but the property was sold a year ago on the MLS by someone else so there's old pics of the inside of the home.
MORTGAGE: owner has one and won't disclose it to me, should I care about this since he's selling "as is" and I'm wholesale it?
H.O.A: $132/M
The owner asks for a loan but I preferred to pay him in cash
My assignment fee: $2K earnest money + $13 assign = $15k profit
(making the purchase for the end buyer be out to $200k + any closing costs)
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Due to the very high price that the end buyer will possibly be paying, should I bother with putting this property under contract? Would this be too much or should I just assign. for $15k with no earnest money (since i'll be having a memorandum on the property and a liquidation damage fee on the contract)?
Could someone also be willing to check my purchase contract for me. Like I said I don't have money to get it checked by an attorney, this to me is surprisingly rare due to Realtor signs being all over the area. Am I forgetting anything, is there a way to do this virtually to save on travel time (bus, transit).?