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Hey all.
After some great advice from some great people on this forum, I'm going to be logging my journey to tackle highest bidder sales in the Canadian market.
For all Canadians that are looking to get into this, use forsalebyowner.ca. Email the people on there, I've had success!
Okay so, please note, I have never done this before. So please provide me with suggestions where you think I can improve.
So I emailed about 3 owners from FSBO (forsalebyowner) listings. I got an email back from 2. One of them wants to give it a shot if I set the duration of the option for only 10 days. The other wants to sell his place as its been on the market for quite some time.
Right now what's stopping me from setting up meetings with these two owners is: 1) I don't have the option forms... I'm trying to research templates and create one myself. 2) I haven't thought about how I would advertise the properties. How will I get 50-200 potential buyers to show up. 3) i am not sure how the closing would work. Would we need to go to a lawyer? Will the buyer accept the fact that he has to pay the difference between his bid and my option to me, then the remaining amount to the seller.
If someone can guide me, I would be appreciative.
Property 1 is a house in a good location. Asking price is $675,000. I was thinking of getting an option for $650,000. Homes in that area all range from $650-690k. So my hope is a quick 5k+ profit.
Property 2 is a condo also in a good location. Asking price is $295,000. I was thinking of getting an option for $275,000. Condos in this area always sell fast when priced at $280-285k. So hopefully a potential 5-10k profit.
Thanks to all that have awared me of this strategy and given me the confidence I needed to give it a go.
After some great advice from some great people on this forum, I'm going to be logging my journey to tackle highest bidder sales in the Canadian market.
For all Canadians that are looking to get into this, use forsalebyowner.ca. Email the people on there, I've had success!
Okay so, please note, I have never done this before. So please provide me with suggestions where you think I can improve.
So I emailed about 3 owners from FSBO (forsalebyowner) listings. I got an email back from 2. One of them wants to give it a shot if I set the duration of the option for only 10 days. The other wants to sell his place as its been on the market for quite some time.
Right now what's stopping me from setting up meetings with these two owners is: 1) I don't have the option forms... I'm trying to research templates and create one myself. 2) I haven't thought about how I would advertise the properties. How will I get 50-200 potential buyers to show up. 3) i am not sure how the closing would work. Would we need to go to a lawyer? Will the buyer accept the fact that he has to pay the difference between his bid and my option to me, then the remaining amount to the seller.
If someone can guide me, I would be appreciative.
Property 1 is a house in a good location. Asking price is $675,000. I was thinking of getting an option for $650,000. Homes in that area all range from $650-690k. So my hope is a quick 5k+ profit.
Property 2 is a condo also in a good location. Asking price is $295,000. I was thinking of getting an option for $275,000. Condos in this area always sell fast when priced at $280-285k. So hopefully a potential 5-10k profit.
Thanks to all that have awared me of this strategy and given me the confidence I needed to give it a go.
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