OfflineI found this real winner yesterday and i called the real estate sign out front and im going to look at it tomorrow. It has been on the market for over a year they want 109,900 but it needs a ton of work. IDK what my offer is going to be yet, but I have an idea. This house was built in 1970 and comps in area have sold from 225 - 275 so I hope I can get it cheap. Any Ideas?
Chance Property Investments
Bill
Only You stand in your way!!!! Get out of the way!!!
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Maybe offer half price or lower, deposit more earnest money, leave the contingency inspection 0 because the ban is going to assign an added. contingency anyway somewhere 7-10 business days. Tell them that u can close quickly within 10-15 days. Once they accept your offer, get up and start marketing the property. If u can't find a buyer before that ten days just cancel out.
what you feel it is worth, you won't know the banks response until they respond back.
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Congratulations on taking the first step! Consider the repairs and comps. This is a home that sat for over a year. Go lower than you think this is a good rule. You never Know. Hey, they could say yes!!! Go for it....... Continued success..... Lubertha
"GOD IS STILL IN CHARGE, HE IS THE AIR WE BREATHE"
Hey Thank you both for your comments. I cant wait its almost time to take that step but hey, you got to take the step to succeed at anything!!!!!
Bill
Consider your options for your exit strategy and then base your offer on the comps, ARV and options you may have. Good luck on this potential deal. Believe and Achieve!
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Ok so this house needs alot of work. I found out it has been empty for 3 years not 1. Also there is a hole in roof as well as a begining hole in foundation. The house is fully gutted and needs everything I was thinking about 50000 just in repairs to get it up and running They are asking 109,900.
Im gonna offer 25000 I cant see asking any higher because of all the work that needs to be done. Any Ideas would be great Thanks guys.
Chance Property Investments
Bill
The longer it sits the cheaper it gets!!!! Sounds like a great deal in the making! Being you can really do a great renovation job with 50,000.00. Maybe get someone to look at the foundation to make sure the structure is solid and form a written estimate to support the offer. And make it happen. Especially if the area supports the FMV as you have found to be. What can a lot run for in the area? Maybe it could be profitable also as a lot. Just something to think about. Continued success.........Lubertha
"GOD IS STILL IN CHARGE, HE IS THE AIR WE BREATHE"
Reading your deal in the works,Insurance can make you or break you! Insurance company's have information (eyes only)you can get by asking for a quote on your parcel. If they're not interested,You just lowered your price!
Good post!
Randall
Invest in yourself!
Sometimes rehabbing can be more than you first estimate so go a little high on your estimates. Also factor in your carrying costs and then determine what may be the best price to start the offer at based on your numbers and exit strategy. Good luck with this potential deal. Believe and Achieve!
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Good post!
Randall
LOVE the tip about calling the insurance company for a quote on the property. Love it!
Good luck, Bill, on this property. It sounds like it needs a lot of work but it also sounds like the reward is high.
Nancy D.
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Bill,
I agree, get the insurance co. to take a look, pull records, etc....foundation is no joke, we must be careful of that. I'd take some pictures of the property (inside and out) send to the bank with your offer. Most likely the bank has no idea what kind of condition this home is in.
Regards,
Nick
But I will contact REA about the pictures. This gonna be a great investment.
This is such a great neighborhood as well. I will get back to you Nick
Bill
Thanks for the tip about the insurance company!!
Brian