First negotiate, selling price WILL be adjusted to account for getting code compliance on everything.Then you get the contractors bids for the workProceed only on the buyer's concurrence.

Hello BP,I am looking at a number of distressed properties to potentially purchase and rehab, and am wondering what is the accepted practice for getting bids on the property, as far as what point in the process do you get a contractor out to the site to provide a bid?  

I recently offered $56k for a house listed for $24,900 and lost it to someone else with a higher bid.  

In doing so, I had to breakdown entire rehab into small jobs rather than allowing GC to bid entire job.

When that investor went inside to view the property, I had to make a decision on whether to get in a bidding contest there, and chose to reiterate to the owner that I could provide a Wells Fargo bank statement with funds necessary to purchase the property (not fictitious) and that I would give a call back in the morning.

Once you have a floor plan get three bids from local contractors and don't necessarily pick the cheapest one.

Ask them to let you know when they have a bid accepted to get as much lead time on finding new tenants.  

I realize how swamped all GOOD contractors are right now, but any one they recommend for a short notice bid/work in S.

You can ask for seller paid closing costs, but of course they will look at their Net when comparing to other bids.

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