Posted by Arnie on May 26, 2000 at 04:10:16:
Why thank you Carleton Sheets! I can tell you read his material BECAUSE YOU’RE USING HIS QUOTES! You can’t fool me Troy
Arnie (AK)
Making an Offer - Posted by Shenesa
Posted by Shenesa on May 25, 2000 at 14:18:03:
Hi All!
I was just sitting hear chuckling at a message I just left a owner of a house needing TOTAL rehab. The women has not seen the property in 4 years and she lives about 3-4 hrs away. We meet Tuesday afternoon and I think she was more shocked than me to see the condition of the house. Anyway, she wants $5k for the 2 family house that needs about 30-35k worth of work. I offered her $800 for the house. When I got off the phone I put my head down and said “I don’t believe I just offered that lady $800 for her house”
I have come to the conclusion that making offers don’t hurt anyone, it may offend, but they loose nothing and you loose nothing if denied. Wow!
Just thought I share,
Shenesa, NY
Heres an even better one for you - Posted by Glenn(OKLA)
Posted by Glenn(OKLA) on May 25, 2000 at 17:42:45:
One block from me…there was an old 2 bedroom, about 800 square feet. House was pitted out and very ugly BUT 2 retired gentleman came along and offered 500 bucks for the whole property. The sale commenced and all they had to do to make it liveable for the time being was to clean it up.
that was about 9 years ago…they have since done a total rehab on the entire home…including building an oversized 2 car garage (they restore classic pickups). I would say FMV is about 40k now…
I pass by this house every day…and each time i do, its a reminder to me that there is no such thing as a “silly” offer.
Glenn
You know what they say… - Posted by Troy M
Posted by Troy M on May 25, 2000 at 16:45:42:
If you’re not embarassed by your first offer, then you’ve probably offered too much. Besides, you can always up your offer if you really want too. Good job!
Troy M
WAY TO GO! - Posted by CurtNY
Posted by CurtNY on May 25, 2000 at 15:19:39:
You keep making offers, sooner or later you’ll close that first deal (WHAT A FEELING!)
Re: You know what they say… - Posted by HR
Posted by HR on May 26, 2000 at 08:04:33:
I agree with Troy’s assessment completely. I use the “laugh test” with many of my offers: if they ain’t ridiculously cheap and offensive, I probably offered too much.
Yesterday, I went onto the MLS to find a 6 bedroom house I bought 3 months ago for $2000. I need to know what the sf is, since I may now sell it instead of renting it section 8. Turns out the house is 1800sf. At $2000, you know what the cost/sf was? $1.11. I laughed my head off. Now that’s cheap!
The original asking price was 24k, after the cosmetic fire damage, it dropped to 8k, I offered 1k and we settled at 2k. I’ve put about 15k into it (got to check my numbers for a solid number) and it’s worth about 60k now.
What I have found, though, is it helps to lowball with other things happening at the same time. For example, buy as is with no inspections, a quick close, and large earnest money deposit. Also, point out all the flaws in the junker to justify the lowball price. Just making lowballs doesn’t work. When you can justify it, though, it raises your percentage of accepted offers.
I still like Troy’s (CS?) advice, though: if you’re not embarrassed, it’s too much. I agree completely.
HR