Leduc, AB Wholesale/Assignment (seller open to AFS)


New Forum Member
Got a lead in Leduc, City zone is RSD
Property Details:
Bungalow with 3 bed up, 1 bed down (windows do not meet current code), 1 main floor bath and 1 full ensuite, 1470 sqft home with 10,132 sqft of yard, built 1976, owned since 2003, Double semi-attached garage (no door to directly inside of home) has electric heating available to be run, and gas is close and also easy to plumb in for heat, garage is insulated and drywalled already, 3-4 cars of room on driveway, located in the corner of a turn in the road, so the front yard is small but the back is huge! Has 11 mature trees on the property currently, and all are in good shape and position for the property from a maintenance perspective.

The bad:
The basement slab is heaving, and will probably need about $17,000-$20,000 of work on concrete alone to fix properly (seller has quote for $16K but quote missed some floor space). Sellers also both smoke in the property, so a full paint job will be needed to clear the air. Ceiling has popcorn on it, and appears to be painted over so removal will be extra labour (if you choose to remove). Home owner did a bunch of minor reno’s upstairs (flooring throughout, and both upstairs baths) but did not finish everything, so there is moulding to put on stair treads, and base board all over that needs to be done, but the rest of his work looks to be in good shape, and nothing is showing signs of cheap fast wear and tear. Roof needs some attention to the shingles in spots.
Leduc assesses this property at $360,000. The only property that looks like it would be a decent comp for ARV sold at $370,000 at the end of January. (based on all bungalows sold in Leduc with attached and detached double garages).

The Money Details:
(Seller Financing is an option via AFS)
Payments are currently 929 bi-weekly ($2015 monthly X26/12) and this includes property taxes.
Seller Owes: 267,000 on mortgage with Exceed at 3.39%
Mortgage expires May 2019 (not interested in an extension)
Seller is looking for $10,000 cash to close
Total purchase to seller is $277,000.

The End Game:
Seller purchase price; $277,000, my fee is $5000, so total immediate cost to you is $283 before closing costs. Add in an immediate 20K for basement slab work, puts you at $303K. So you gain an immediate $58,000 in equity (city assessed value) just to purchase this property and fix the basement.

Contact Brad: 780-909-1465 or Brad@earthwidehomes.com