Craigslist FSBO - Port Jefferson Station, New York

[Francene Iaizzo]

I found a property in Port Jefferson Station, NY. FSBO and the guy is moving out of state next month! He's asking $115K and the house needs a ton of work. The comps for that area look to be $250 - $400K (that's at a glance).

What do I do first, second, third...etc.??

I downloaded a Purchase - Sell Contract from the BP File Place.

Do I need a REA?  I'm thinking "no".

I'm thinking "seller financing" but if he has a mortgage then what?  Does the bank holding the mortgage have to agree to the arrangement of  "seller financing"?  I'm going to need guidance with this if it comes to fruition.

Should I immediately find a Title Company and a Contractor? I'm thinking "yes"

If we can't do "seller financing" I'm thinking a 203K loan to get me started (then I need an an FHA approved contractor, correct?).

Thinking I should talk to a few banks right away so I know where to turn if need be.

Just thinking out loud.  I've been looking for a good deal and now that I think I found one it's like being a "deer in the headlights!"  Frozen at first but as I think it through it becomes easier to conceptualize.

Any advice  would be so appreciated.  I'm doing this alone. Also, if you are in my area and you would like to reach out to me and maybe even talk, that would be awesome.

Thanks