OfflineThe realtor emailed me back and said if it was up to him,he would gladly take my offer of 138K.But,the bank already had a higher price fall out of escrow near $205K.I emailed him back to still put a bug in the bank's ear at the lower offer.We'll keep you posted on any movement.
I posted last week "Accurate Comps",but no one replied yet.Anyway,the comps in the area suggest an uneven market.The faster selling props are at $170K,but one did sell for $240K.There isn't enough photo's on the other props,but they seem not as sharp.I guess I might have to get a realtor to help me out on these comps?
It's a good feeling to at least have gotten up the courage to start!It's a little scary when you're unemployed and a little intimidated,not knowing as much as the realtors,etc.
Any suggestions on getting good comps,please send me an email back!
Thanks.
Congrats on making an offer! Any further luck with that?
Regarding the comps, you'll need to get sold comps up to 3 months ago ideally. Same footprint as your property, closer the better. To be safe, always go with the lowest. If you're stating you're seeing a range of $170k - $240k, go with $170k and even consider 10% off that for a fast sale.
Hope that helps,
- Tom
higher than 500.00 increments on bank owned properties...The bank might have it listed for 250K you offer 175K...if the bank counters say at 245K you counter 175,5K...they said the banks IF they counter you will keep it on the high side. If you counter up your 500.00 they might take it and have taken it more than not!
Thanks for the advice on setting the comps.I noticed that some streets do better than others,also.If you found two comps,but the lot sizes are different and/or one house is turn key,is that more of a "guesstimate" ?
I've been looking at Zillow mainly,but is there another site more accurate or easier to navigate? There are a lot of mistakes and they are not updated enough,but seems better than nothing.
Small increments is a better negotiating stance.Your right,they just might take it !
from your realtor for the last 30-90 days(sales). Do you know how much the repairs are in this property?
What are you planning on doing with it? wholesale? do you already have a buyer lined up?
How much are you charging for your fee?
Wishing you success,
Valerie
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/...
which I've been using to find comps.This house is in a flat market,crime-ridden neighborhood.There was one house on the same street that sold for 240K within the last 90 days.But,no photo,just similar size.It was,however,300 sqft larger!The other house around 2-3 blocks away,with only the front photo,sold for only 170K.The house I put as offer in had reached foreclosure already,but is listed with a "top-agent".This street appears to be on a small hillside.The house was a complete remodel,turn-key ready,and had a beautiful deck out back w/beautiful views.That's what made this house appealing-zero rehab-cherry ! It fell out of escrow at somewhere near 205K,but the house has been on market 161 days.I was offering the realtor 138K,so I could assign it for a $20K fee-that would leave a new investor a min of 40K equity,with absolutely zero rehab.I have no buyer lined up,other than some people that responded to an investor wanted CL ad I ran a few weeks ago.Majority seemed pretty website-driven,bigger firms.If this house was in any other neghborhood,it would have sold very fast.I wonder if this realtor had remodeled it himself/was trying to flip it for a huge gain-it is possible and probably why he blew me off so casually.
Maybe I could forward you some photo's,or the whole ad.Maybe someone would be interested in sharing the fee? $10K to me/the rest to another investor ???
Ray
They are trying to and most likely will sell this house to an owner occupant. They will come down a little at a time until they get the most the market will bring. These houses almost never go to an investor unless it is a landlord looking to cash flow if he can get the right rent. They most likely have more than $138,000 into it. Won't hurt to try to get it under contract, that is the best way to learn whats up. Does this property have an auction date, you said it was a pre foreclosure right? He may get motivated if that's true.
Good luck and keep us posted, you are taking action!!!!
Michael Mangham
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
There was just a link to foreclosure.com.
Very vague.They implied that it was in foreclosure and aggressive offers are sometimes accepted.Yeah,duh,no kidding !!
I think you are johnny-on-the-spot-they aren't in any hurry.They will use the Chinese water-torture,price-drop close,'til it sells,HA,HA !!
I will concentrate on "more-motivated" sellers.Realtors/FSBO's are faking a distressed buyer to lure us naive investors in.Well,I'm too smart for that.
I think CA might be a little more challenging to figure out.I'll keep you all posted if there are any changes.
Thanx very much for your encouragement/advice! I don't feel so alone anymore!
Ray