3bed 1.5bath SFH Motivated seller - I need help on this one

[Jamael Reed]

So I talked to my first lead today. 

Info I received;

3bed 1.5 bath

744 square feet - 1 acre of land

Block home built in 1938

Minor repairs(I'll take pics upon viewing) but has all new windows and roof is 9 years old.

Motivated to sell because of relocating and can't afford double payments. Seller has no time and money to deal with property. 

Seller is unsure of the loan balance but he did agree to consider selling for what's owed😀 I'll have loan balance info tomorrow.

All bills and taxes are up to date.

Sellers asking price - $70,000

After asking him if I paid cash and closed quickly on the property in as is condition he dropped price down to $62,000

Now how would I determine the Repair, And ARV quickly.

I was thinking of getting an appraisal but I never done that before and then getting a bid from a contractor for the repair cost. 

Any input anyone.. if everything goes good this could be my first deal.

[Chris Seveney]

Well first you should not of got the property under contract without knowing how much $ was needed in repairs and either having an agent or your own review of comp sales in the area. What if the ARV is $70,000 and it needs $20,000 in repairs? I would quickly have a contractor review property to give you estimate for repairs and run your own comps to see what values are in the area. If the deal doesn't work then better to lose your EMD than owning an upside down property