OfflineHey everyone,
Do you still remember me? I'm your long lost brother who's back. I missed my family here and I must tell you that Dean created a wonderful tool to bring us all together as one big family. What is more, people like cbrpower, anitany, sully, to name but a few are selfless and ready to share great ideas at any time so that the newbies like myself, can be encouraged and benefit from their wealth of experience. Thank you Dean and thanks to everyone that shares ideas openly on this forum.
Now I have a question about townhomes: are they easy to sell or assign? I believe I've found great deal based on the circumstance. The house will go/has been in probate. The executor is the daughter who NEEDS TO SELL to distribute funds to relatives. She's asking for 160K. County assessed the house at $152,400 and Zillow estimated it at $151,500, without considering the improvements - new carpet and fresh paint. The comps are real - same street and number of rooms and baths. I want to offer $1105K,(70%) of 150,000 and will not go above $112,500 (75%) of 150,000.
WHAT DO YOU THINK?
By the way my exit strategy is assigning this property to another investor - can't afford to keep it.
Oooops, the first amont should be 105k, not 1105.
Efollah, i would offer a little less than that, i dont know about where you are, but where i'm at, REHABBER's are paying @ the MOST 70%-75% of ARV, less REPAIRS, less CLOSING COSTS, less HOLDING COSTS, less ASSIGNMENT FEE=MAO
What are the COMPS telling you? Can you post the COMPS you came up with(detailed), Another thing, are you absolutley sure she NEEDS to SELL? Do you think she's motivated enough? cause if she's asking $160,000 and zillow says $151,500 and assuming your COMPS are around $150,000-$160,000, she dosen't seem too motivated to me, i mean, she's asking FULL RETAIL for the property, but you can always put an offer in, see i have WASTED my time with UNMOTIVATED SELLERS before and it ends up being exactly what i said "A WASTE OF TIME", SULLY
YOUR HERO, SULLY