Posted by E.Eka on October 20, 2003 at 16:20:18:
One thing to remember is negotiations is everything. You can’t ask her if 108K is the lowest she would take. Of course she’ll say no. One thing you should do is first find out what kind of deal you want to structure. Do you want to buy and hold for a rental, or buy and flip (which won’t work because you’re buying the house close to market value) or buy and then lease option it to another party. Then you want to find out how much it would cost to bring it to fair market value with the rest. Deduct that and the amount you want to make from the selling price. For example, say you want to sell it, you’d have to figure in what it would cost to fix. Say $3,000, and you’d also want to make $4000 on the sale, then you’ll factor in closing costs, and realtor’s commisions etc. You get the picture. You first need to figure out what you want to make on ANY deal and what your thresholds are, then you’ll have some idea what to offer at and at least you’ll know what a good deal is.