Dealing with bank owned properties
When dealing with a bank owned property can you exercise an option to purchase type contract and simply assign it to someone else for a specefied fee?
Or is there a different set of rules when it comes to a bank owned property? Are they willing to negotiate like the average person might be willing too? Or are they stuck at a price and that is that?
I'll just use the example of something I found in my area. The approximate market value is $318,000 and it is listed for $198,000. The comparable sales I also found are in that general area too. Just for conversation sake would I be able to get that under contract for say $180,000 or so and then assign it to someone for a fee of $5-10k, or do an outright double closing for $190,000 or so?
I am inching torwards that first real call on a deal. It seems I was getting myself so worked up over it but now that I am actually seriously getting close to that point instead of just toying with the notion I am starting to mellow out.
Once again I am new at this and any help is appreciated. :wink: