The Landlord Protection Agency  
Main Menu, Landlord Protection Agency homepage Membership With The Landlord Protection Agency Free Landlord Services Member Services  

Purchase to buy contract for burnt property - Landlord Forum thread 358271

Free Landlord Newsletter

Prospect Card

FREE BONUS Forms Disk for
2 -5 year LPA Members


Purchase to buy contract for burnt property by on July 26, 2018 @18:56

Buyer looking to buy a burnt property from me. He looking to get a loan for selling price of 24000 my sell price . The home needs total rehabilitation about 30,00 thousand dollars . The home is valued at 85,000 .The home has been sitting for about 8 months. Please advise is this a no brainier and await for the loan to take place? The dead line August 10th there no money exchanged what are some concerns. Thanks Rob
[ Reply ] [ Return to forum ]

Re: Purchase to buy contract for burnt property by Garry on July 26, 2018 @20:37 [ Reply ]
Right now, you have NOTHING! ZERO! ZIP! NADA! except your burned-out house. You don't even have 1% down ($240), and probably nothing in writing. NO bank or credit union is going to loan someone money to purchase a burned-out house, especially when they know it's going to need an additional $30,000 to fix it up. Your place will either go to an investor who already has the cash-in-hand to give you full price, or someone who will want to put 10% down on a contract, using YOU as the bank.

Since it has set for 8 months with no other offers, you either need to discount your price farther, offer different terms, or begin to fix it up yourself. Was the place insured, and did you get some insurance money from the fire?

Log in

Rentals Available
Rentals Wanted
Realty Brokers
Landlord Articles
Tips & Advice
Tenant Histories

Other Areas
Q&A Forum
Free Forms
Essential Forms
Landlord Tenant Law
Join Now
Credit Reports
About Us
Site Help

Contact The LPA

© 2000-2019 The Landlord Protection Agency, Inc.

If you enjoy The LPA, Please
like us on Facebook The LPA on Facebook
Follow us on Twitter The LPA on Twitter
+1 us on Google