By Owner Rehab, how do I beat the contractors to it...?

Question

I will have a pre-approval in hand but would need 90 days before a close. The home needs a new septic, basement rehab due to water damage, new windows, new gutters, updates. Similar houses in the area get 450-650K - estate sale, kids want to split proceeds and said would entertain offers starting at 250K due to damage. This is by owner. Any advice, how do I beat the contractors? I will have a 300k pre-approval letter from our mort. broker....

Answer 1

The firstone who submits an offer and has it accepted will get the house. It is up to you to determine if that is the winner or looser. Include a clause for kick-out after 48 hours. That way you aren't on the hook with no decision for weeks on end.

Answer 2

beat the contractors by submitting an offer instead of asking the question on Yahoo. Put in your offer the closing time required and present the offer. He who hesitates, is lost.

90 days for a purchase seems quite long. most lenders can do it in 30 days or less, epsecially if you're pre-approved.