My First Counter Offer....Need Assistance

Unless you already have a buyer, I would walk. There are better deals out there. Probably not enough equity to attract a buyer if you don't already have one, especially with closing costs, any repairs, etc. just my thoughts..

Rina

I agree with Rina. Or you could counter back for a lesser amount that would allow you to make a profit. If the seller rejects your counter offer, then you walk away.

Al

Yes, sounds like a tough deal w/ so little equity unless you have a buyer lined up. If you think there is enough upside & positive cash flow for you to buy/hold for rental, you can sell when the market returns. Otherwise, this one might not be the best deal.

We're still getting our feet wet as well, but I've found comfort in sticking with offers that are 30%-40% lower than FMV. Worst can happen is a No, or Counter. You never know, with enough persistence, someone will eventually say YES!

Robbie

thank you for all your reponses. I was thinkin the same, goin in with a lower counter, and talk with the contacts on my buyers list. I think I will counter and see if the seller bites. If not, I'm walking. Thanks again.

Give them the Cash and Karry price. If, No, walk away! There are too many great other deals in the pool of REOs.

Im sorry, cash and karry price? if you don't mind me asking you to explain. I think one of my investors on my list might be intersted in the property.

I agree with Rina as well. Don't just jump into anything without your research. Now that you see what the house is worth, it doesn't sound like a good deal to me. Not much to make there. Look around and keep working and you will find something better, it might take a bit longer to find, but you will be much happy and make way more $ in the long run. Good luck, Faith will be rewarded! Jeremy

Hello everybody,
BryanSR. your post says you offered high,The only thing that comes too my mind is...Location!As far as offering first second third and etc.,That is your land and you do control what happens.Here you are making an offer on property and i use the term land meaning...your comfort zone! I will say i believe most people want great areas,The true investers know this.
Make your luck ByranSR.

It sounds like you have received some great advice thus far. You may decide to walk away but keep the home on your radar. If it is still avilable in 30 to 60 days you may want to make a lower offer based on the dyas on the market. You also have learned from this potential deal and that is great. The more information you gather and learn about the area the better prepared you will be for the next deal. So, keep looking for the next deal in your local area. It could be 5 miles away or right around the block from this one. Good luck with REI. Believe and Achieve! - Joe

means lowball (not to low though, forces them to outright reject offer) them. If they don't accept your offer than either your investor must be willing to come up in price or you move on to the next deal.

I understand. Thanks for all the advice. This first counter has been a long time coming for me. I'm just glad I have the veteran investors on the network that I can ask questions.

At least you acted, even though the offer could have been a bit lower based on the equity in the property. However, we applaud you for acting. My suggestion is that if for some reason you feel uncomfortable or is unsure of what to offer, your DG family is always here to give you suggestions and recommendations. You could list the info on the property without giving the address/location. Referring to the bid you made, the ball could be still in your court. You might be surprised that the seller might be calling you instead of you calling them. If that opportunity do arise, you now become the captain of your own ship, presenting a low offer and making it final. Congrats on stepping out. Good Luck.

Sandra