If you buy/sell enough properties you'll find that the appraisal typically comes in very close to the contracted purchase price.

This will preserve the value for mortgage purposes because the bank will grant loans based on the value of the contract, even if the contract is way below appraisal.

One that is familiar and comfortable with Double EscrowsAssignmentsWraps (sub2's, Contract for deed)Thanks in advance,Newbie Investor

If not, then I doubt the seller will be willing to give too much based on the fact he/she knew it was old and probably took that into account with their list price and ultimate contract price.

You just simply sell the contract.

The smart people who don't run are the ones who get rich.

I actually have a place under contract right now that I'll be house hacking, but I'm actually putting 20% down.

We received the contract, wired $14,000 in earnest money to an escrow company and started ordering things like our inspection.We learnt through the home inspector that the people living in the home were the owners and were not selling their home.

From fully automated Kiosks (an ATM looking thing that rents the unit, sets up auto billing on tenants bank or credit card, dispenses a lock if the new tenant wants to buy one etc), to smart phone Apps that do the same thing (except vend a lock) to 24 hour USA based call centers that will manage the business and rent the units for those customers who want a human to talk to (and the Kiosk software, smarphone App software, and call center sofware can all be seemlessly integrated within your business management software.

I can answer phone calls and pre-screen or I can visit the sellers with contracts in hand and expect me to close them..