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Updated about 4 years ago on . Most recent reply

Geoffery Hewlett Jr's profile image
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Geoffery Hewlett Jr
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Geoffery Hewlett Jr
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Geoffery Hewlett Jr
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General Real Estate Investing

Help! Is this a deal or not??

Geoffery Hewlett Jr
Posted

ARV is 300-310K

Repairs 10K

Seller has 108K mortgage left on home. If I offer 185K, the 108K would come out of his portion leaving him with 75K to walk right?

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John Jones
  • Realtor
  • from Memphis, TN
  • Member since Jun 25, 2020
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John Jones
  • Realtor
  • from Memphis, TN
  • Member since Jun 25, 2020
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John Jones
  • Realtor
  • Memphis, TN
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John Jones
  • Realtor
  • Memphis, TN
Replied

@Geoffery Hewlett Jr Yes, the mortgage will come out of the proceeds to the seller and the seller walks away with the rest. I'd double check the numbers on that rehab. Unless the seller is just unaware and the house is in great shape, it'll likely need more than 10k to get that ARV.

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