Well, I’m waiting for you to give enough information to be able to help you.
Besides the questions that Kristine(CA) asked, what have the people said that you talked to about the property? What did they think it was worth? Or why were they steering clear of it? Has the real estate market changed drastically recently? I know that a few months ago there was strong demand for houses, so a properly-priced property should be selling very quickly. Has the market slowed dramatically?
Make sure to put a “For Sale” sign on the property, with the price on it. Put ads in the papers, on bulletin boards, on fliers which you destribute to neighboring properties within a three or four block radius.
Hi,
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)
Re: 1st FLIP can’t find buyer!! HELP ! - Posted by Frank Chin
Posted by Frank Chin on July 12, 2003 at 10:02:14:
Hi Daniel:
You didn’t provide too much information. Questions:
1- What type of property. Is it a Coop, Condo, SFH, vacant lot??
2- Did you do any comps?? My experience with FSBO is they always puff the price up A LOT, and then give you a discount. I sold some rentals in Queens, tried the FSBO route, and did the same thing myself. Maybe the property is only worth 180K to begin with??
3- What part of Manhattan?? Harlem, Midtown, Chinatown, the Village - where?
4- Any violations, back taxes, liens?? Did you check them out. For instance, a property FMV of 250K, at 30% off, and 75K worth of violations is no deal.
Re: 1st FLIP can’t find buyer!! HELP ! - Posted by Kristine-CA
Posted by Kristine-CA on July 11, 2003 at 17:17:14:
Daniel:
We need a few more details in order to help. What is the value of the property as-is? What does it need to sell for top dollar? What price are you trying to sell the property for?
Sounds like your offer of 70% of asking price wasn’t a great deal for a flip. 70% of asking price is not a deal if the property is only worth 50% of that price to an investor.
Please provide some more info and maybe we can suggest some ideas about how to get it sold.
Yes ! The offer was accepted and "purchase agreement’signed. But I DON’T have money…I was trying to close my first deal (Flipping to another investor) Do you have any suggestion?
Thank’s