Buying or Selling a Home/Assuming a loan

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Expert: - 9/27/2009


Question
I'm relatively new investor. I have a property listing for sale or lease with option. The client wants me to buy their home or assume and they lease option my home. Their home has a assumable loan and is 10 years old.  Is there a way to put this property under contract without totally committing to the purchase? We are in NC. The client  have only 10K  equity after 10 years of payments, because of low market value. I do believe that the house has worth of about 20 to 25K in a good market. They are wanting to up size into home I have. What options do I have here?

Answer
In my training of over 20+ years, I was taught by the best in real estate. Rule #1 NEVER engage a purchase or transactions with your customer.Remember you are their agent, not their customer. This is  a BIG conflict of interest. O by the way, you mention a client? They are a customer, unless you collect a retainer.

My best advice is be their agent.Find a buyer, that is why they hired you.

Buying or Selling a Home

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Marvin G. Bobbitt, III

Expertise

Can answer questions about Real Estate in North Carolina. Professional Real Estate Broker,REALTOR Residential Real Estate,Professional Advising,Commercial Real Estate, Estates, Issues regarding real estate and the County Tax system,Bank owned properties, REO/Foreclosures and Investment properties,New homes & re-sale home sales,Management of Investment properties,1031 tax deferred exchanges, Profit enhancement within investments,Investment property advisor,North Carolina agency and required forms and disclosure.

Experience

Have 20+ years Professional experience.Experianced in property estates and real estate transactions primarly in the Durham,RTP,North Carolina area.Residential Real Estate, Professional Advising,Commercial Real Estate, Estates, My experience covers a vast range of real estate services.Due to my personal training by Frank Ward for over 20+ years everyday.In residential,commercial,sales and leases, I have had the opportunity to work and learn with some of the best in the business. Estates have become a specialty to me, including the personal property side of things and how to handle things and what to do with what you got.Hire me and forget about it..

Organizations
Active Member of the Durham Association of REALTORS. Past BOD for Durham Regional Association of REALTORS. Active Member of North Carolina Association of REALTORS. Active Member of the National Association of REALTORS. Active Member of Triangle Multiple Listing Service. Past member Durham Jaycees, Durham Sales and Marketing and Durham Rotary Club.

Publications
Durham Herald

Education/Credentials
Graduate; Durham Public Schools Graduate; North Carolina Central University. Appointed; Real Property sale Commissioner/ Durham County N.C Clerk Of Superior Court 2010, Honorable Archie L.Smith, III, Durham County NC. Completion of the following North Carolina Real Estate Courses. North Carolina Real Estate School Fundamentals. North Carolina Real Estate Broker Classes. Completes Continuing Education classes annually as directed by the State of North Carolina Real Estate Commission. Completion of the following North Carolina Appraisal Courses. R-1 Real Estate Appraisal. R-2 Valuation & Principles & Procedures. R-3 Applied Residential Property Valuation. G-1 Income Property Appraisal & Valuation. Completion of Notary Public Classes for the State Of North Carolina. Active Notary Public for Durham City/County, North Carolina. Active until; 06/16/2015

Awards and Honors
20+ YEARS EVERYDAY PERSONAL TRAINING BY;FRANK WARD. Appointed; Real Property sale Commissioner/ Durham County N.C Clerk Of Superior Court 2010, Honorable Archie L.Smith, III, Durham County NC.

Past/Present Clients
Given upon request

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