Hello BP,I have a potential deal from a Probate, but need some help determining its value and what to offer to the homeowner, who is right now very motivated to sell.This is a 3/2 (originally a 4/2).

Once you have a strong track record, you will be able to offer a smaller percentage and still offer an outstanding return to your investors.

If you look to offer 60%-rehab, why not program the site to show an offer at 55%-rehab?

Therefore I was planing to offer to the seller to accept my offer for the amount that i qualify for and he could put a lien on the property and I will try to refinace in 6 months.Goes anyone have a better suggestion or can that work or is there a mortgage fraud on the process

They may be able to offer the kind of service you are looking for.

25% to 30% is based on regular banks with vanilla loans and stabilized product.There are many lenders who will allow you to take a second.Going in you will be fighting an uphill battle.The reason is you will be getting a higher rate from the lender with allowing the seller second.This higher interest rate will mean you need to offer a lower buying price to still cash flow the same with the lower rate you would have gotten.So you not only have to convince the seller to take a second but then also a lower price at the same time.It is not easy to do.You will have some banks that offer assumable financing but you have to qualify which it sounds like you have zero to limited cash.Most sellers will not carry seconds anymore.They want to detach from the property completely.They cannot sell the note off after closing like they use to.So if you have a list price of 1,600,000 and with your higher interest rate need to pay 1,400,000 and have the seller carry back 15% that would be 210,000.The seller doesn't know if you will file bankruptcy,make payments on time,etc.So if they are not paying a broker and no buyer fees their net would be 1,190,000 if now money.If they can get 1,275,000 cash they walk away now with no worries.I have found many investors will take the cash and go than worry about seconds.

The property is a duplex in Indianapolis, it should be ready to offer for rent in about a week.

Yes, it is illegal in every state to offer an opinion of value on RE for a fee without a license.Otherwise, the are just a photograher, we have a few here that are hired by Realtors (and others) to do the leg work and get pictures, no special license required.

I thought that sellers are limited to offering 3% of the selling price at closing?

Hi Friends,

I finally close on my first deal this morning and i just can't to say thank you to everyone on this forum.

My agent just email me information about another REO that he has for sales and am trying to fig...