My offer for a house was accepted. Now I am trying to sell a 3/2 house in the Bronx NY. It needs repairs. I am asking $335,000. I need to find a buyer. I advertised everywhere.
My Offer Was Accepted !
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Francisco
What is the ARV on the house? How much are repairs? How much did you get it under contract for?
Karen
What is the arv of the house ?
The Arv of the house according to total view is 354,000.
The house may need some painting. repairs are a personal choice.I got the house for about $302,000.
Buyers first
When doing assignments you should have buyers in place, get there info find what they want pass it on and move on to next the deal.
Dont make it harder on yourself than it has to be.
Good luck.
Aaron-n-Suzy
Francisco
The house is not selling because it is NOT a deal for wholesaling.
First of all, make sure that you check more comps than just Total View. Make sure that you check ARV against actual "SOLD" comps.
Then take that price x 70%
Subtract your repairs
Subtract your profit
THAT should be your max price.
ARV $354,000 x .70= $247,800
Repairs approx $3,000 $247,800-$3,000=244,800
$244,800-$10,000 (your profit)=$234,800
For a wholesale deal, that will sell FAST, even if you don't have buyers lined up ahead of time, you should not be selling it for more than about $245,000. You are offering it at a RETAIL price. That is why it is not selling.
Be very careful with making your profit too high also. With this much markup ($33,000), you will need to do a double close instead of an assignment which will be more involved and more expensive. Not a problem if you understand HOW to do that and have allowed for it in your numbers.
Hopefully, you have an exit clause in here that you can utilize.
Good luck!
Karen