First deal on my own

[Rodney Dawkins]

I am about to get a deal under contract, matched the bank's counter at 37k, house is estimated to be worth 155k. By contractors estimate the house needs about 50k in work. Plan to flip for 54 - 55k, I know it will have to be a double close, once I find a buyer because banks won't allow assignments. Are ther any thoughts on this deal?

[Curt Davis]

Rodney,

Be prepared to put down some earnest money, usually $1,000 that will be non refundable. If the bank will accept your offer you will need to show proof of funds, the bank will want to know you plan on closing the transaction. If you do not close on the home or do a double close you will loose your earnest money and a relationship with a broker.

You should plan on closing no matter what.