I'M ROLLING NOW! - Posted by FREE SPRIT

Posted by SCook85 on January 10, 2001 at 21:50:14:

The way I calculate my offers is to take the Fair Market Value (after repairs) and multiply it by 70%. Then I subtract the repairs and get my offer.

If this home were worth $200k after repairs and it needs $25k in repairs my figures would come out as follows:

$200k X 70% = $140k less $25k = $115k

Hope this helps.

Steve

I’M ROLLING NOW! - Posted by FREE SPRIT

Posted by FREE SPRIT on January 10, 2001 at 17:55:02:

Thanks to all you guys and your encouragement I went out today and looked at several properties. And I will continue to do this everyday! I did run across a real possibility-
The property was in the paper as a REO, it is

Single family home in a very nice area, near me actually.
It is 5 Bdrm, 2-1/2 Ba, 2 Car garage, finished basement, attic, huge house about 3500 sqft. with inground heated pool. Condition: Outside fairly good, Inside need’s about $20-25,000 of work because the people wrecked the walls, crapped on the floor, carpets need replaced, no appliances. But I know that every house on the block is valued at no less than 185k - 210k easy. I would luv to take this one for myself. The bank know’s it’s a wreck, the realtor handling it says he thinks it will sell for around $145-150k. Which case, if I didnt have to try to get a loan to finance the repairs would be fail. What would you guys offer them? I was thinking of offering around 65% of the market value contingent on the financing for the repair.

It won’t last long! FREE SPIRIT