For assignment: $5k down and take over payments in Sherwood Park

Sherilynn

Real Estate Maven
REIN Member
I have a 1485 sf house built in 1978 under AFS contract in Sherwood Park, and I'm debating whether to assign it.

$5k down (plus assignment fee) and taking over payments on a 4 year term. Would cashflow as an RTO, but tricky as a rental. Closing July 7th. Can begin marketing and showing now.

Needs a few things done: laminate in living, dining, and hall; 3 windows should be replaced, HWT, 3 closet doors, 3 bedroom doors, 2 vanities, and the basement bathroom shower is leaking so the shower and wall need attention. Big, ground level deck is starting to rot and should be ripped up and grading improved (but no need to reinstall deck). My contractor has the details and can draft a quote.

I have professional inspection and am awaiting appraisal results. I'd be happy to share both with any interested party.

Sherilynn@QDHomeQuest.com
 

Caleb West

Multi Family Commercial|Collaborative Office|
Registered
Did you get this one all figured out or did you end up holding onto it?
 

Sherilynn

Real Estate Maven
REIN Member
We had a lot of interest in the assignment, but no one with AFS experience, so we JV'd with one of the interested parties so we could oversee the investment to its successful conclusion.
 

Sherilynn

Real Estate Maven
REIN Member
The tenants are contemplating buying it. If not, it'll be up for sale when they move, possibly with some life remaining on the AFS term. :)
 
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