1st FLIP/ but can't find buyer! HELP! - Posted by Daniel (Manhattan)

Posted by Ron on July 11, 2003 at 16:55:47:

I’ll recommend you to talk with seller to extent to “inspection time” and try to find buyers

1st FLIP/ but can’t find buyer! HELP! - Posted by Daniel (Manhattan)

Posted by Daniel (Manhattan) on July 11, 2003 at 16:52:44:

My name is Daniel, this is going to be my first deal.

I found a property on the Newspaper/FSBO an make an offer 30% below the price ($250k). I called some investors (15) and no one is interested in the property…

Now i have the “purchase agreement” sign !! And i don’t know what to do…I don’t want to loose my earnest money and ($500, in Manhattan it’s not usual put an earnest deposit for $10 or $100)

Advices will be VERY welcome.

Re: 1st FLIP/ but can’t find buyer! HELP! - Posted by Bob in NJ

Posted by Bob in NJ on July 14, 2003 at 21:11:50:

If you contacted 15 or so professional investors and none of them experessed any interest in this particular property, I would suggest to you that they know something that you don’t. You might have paid too much for the property. How did you determine the fair market value for this particular property? Did you get comps from a realtor or appraiser or did you make your own analaysis and then determined the fair market value? Maybe there were some structual problems that you are not aware of or perhaps there is some negative news that will cause a slight decline in the area. There has to be something that has caused 15 professional investors to pass on this property. I would suggest that you call a few of these investors back and ask them why they are not interested in the property. That I do believe will open your eyes as to the real problem here. Best of luck…Oh!!! by the way, next time you sign a contract add a few weasel clauses that will get you out with the full return of you deposit