OfflineThis was done through an agent. As she was emailing me that my offer was accepted. I was emailing her that I wanted to withdrawal my offer (2nd offer)as I felt after walking it w/contractor with was too scary. So I'm reconsidering. I have a potential end buyer who says if the rehab #'s work, he can move it. So my issue is: I need the buyer to submit down $ and POF as requested to put in official offer. (LOI was accepted). I contacted that end buyer this morning, no response yet. I'm waiting for the rehab costs from contractor. I contact him as well this morning...no word yet. Here's how the #s work out:
Asking $33,000
ARV $51,000
Rehab guestimate $12-$18k
Sale price including my profit $27,125.
All I need are rehab costs & end buyer to agree to move it (buy it). I have not yet agreed to accept the offer with the official contract. I'm pacing the floor! What can/should I do at this point? Be patient is my guess.
Thanks for listening.
Linda
"...be; not greedy for money....but eager to serve"
1 Peter 5:2
Ok, I heard from my contractor...good gestimate on my part!
Still waiting to hear from buyer.
Thanks,
Linda
"...be; not greedy for money....but eager to serve"
1 Peter 5:2
Yes, make the deal with the seller. This seems like a very good deal, especially since you have the repair cost buckled down. I'm sure you have an escape clause, so get the signatures on the contract so someone else doesn't scoop it up.
well, as it turns out...the repairs were more than expected. so, i went back to my original offer, not the one that was accepted. i told my agent to tell them specifically why were changing our offer. however, they said it was too low. which is ok because it wasn't too low for that property. it's just that the owner was greedy. if it's still available in a couple or 3 weeks, i'll revisit it and ask if they are ready to deal. next!
thanks,
linda
"...be; not greedy for money....but eager to serve"
1 Peter 5:2
so how much were your 2 offers?
Don't Wish the Past, Create the Future! - DH
get another estimate for repairs; I once had a contractor give me an estimate for a property, so I didn't put in my offer, and next thing, I find out, he put in an offer himself!
Also, have a checklist when you walk through the property and do a guesstimate yourself too; you'll be surprised by how quickly you'll learn how to get a good estimate of repairs!
You go girl!
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
First offer was $18,200..they said too low...i offered $25,100 contingent on actual repairs estimate. after discovering the repairs were $18k+ I said I'll offer my original amount. they said no.
"...be; not greedy for money....but eager to serve"
1 Peter 5:2
Great job in taking action! so are you going to make the second offer now? or are you waiting for the seller to respond back?
yesterday is history, tomorrow is a mystery, but today is a gift. That is why it is called the "present."
"Be not afraid of growing slowly; be afraid only of standing still"
Never stop moving forward!!
Denver
"Do, or do not. There is no 'try'"
------Yoda
Think, say and do what is right; refuse to think, say or do what is wrong.
Never stop moving forward!
Denver
"Do, or do not. There is no 'try'"
------Yoda
Think, say and do what is right; refuse to think, say or do what is wrong.
They said my offer was too low. I'll check back in a few weeks to see if it's still for sale....i think it will be.
No biggie....Next!
Thanks.
"...be; not greedy for money....but eager to serve"
1 Peter 5:2
Good for you for stepping out and making the offer.
The next one will be even easier.
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
I just waiting for all the 'stars' to align so when I make the offer and its accepted, there won't be any issues. Such as, the repairs outweigh the offer price. Which is what transpired on this one. So, on to the next!
Take care.
Linda
"...be; not greedy for money....but eager to serve"
1 Peter 5:2
Sounds like either your contractor or seller wants to make a profit. Better to leave it alone and see what happens. If they want to beat each other up over numbers, go ahead and let them. Contractors trying to steal deals by making ridiculous estimates is more rampant than anyone might think. The best way to counter this is to get multiple bids and use different contractors until you find one who won't try to rob or compete with you. Another way is to already have the place locked up on contract before you show it to any repairmen.
But then again, sellers who think they hit the lotto selling a house for profit is rampant as well. Just remember, if it's still for sale in 3 months, make sure to lower your offer amount accordingly. All we can do as investors is analyze seller motivation and flexibility. If it's not there yet, it's not there. The perfect deal doesn't exist - potential for issues are everywhere. If this deal is like most, you may have dodged a bullet you didn't know about OR it may come to you with an even bigger profit margin than you first thought. Either way, you still win! Best of luck to you...
Paul: "I must not fear. Fear is the mind-killer. Fear is the little-death that brings total obliteration. I will face my fear. I will permit it to pass over me and through me. And when my fear is gone I will turn and face fear's path, and only I will remain."
Duke Leto: "I'll miss the sea, but a person needs new experiences. They jar something deep inside, allowing him to grow. Without change something sleeps inside us, and seldom awakens. The sleeper must awaken." - "Dune."
My contractor was good on this one. Even my buyer said so. At least that one thing I don't have to worry about...the contractor.
Thanks for your input.
Regards,
Linda
"...be; not greedy for money....but eager to serve"
1 Peter 5:2
Great that you have a good contractor; think that is key. You are moving forward. Congratulations and yes, next!
www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.
Thanks for the comment....
Regards,
Linda
"...be; not greedy for money....but eager to serve"
1 Peter 5:2