Posted by BILLY HANNAH on September 12, 2002 at 15:13:50:
IF YOU CAN LIVE WITH THE $177k AND LET THEM PAY ALL CLOSING YOU WILL STILL COME OUT OK. IF YOU DON’T RESPOND THERE MIGHT NOT BE A SECOND OFFER FROM THEM. DON’T TRY TO MAKE ALL YOUR MONEY ON ONE DEAL OR YOU MIGHT BE LOSING MONEY ON THE NEXT ONE.
EITHER WAY GOOD LUCK. KEEP MAKING DEALS.
Need help with this deal - Posted by Chris
Posted by Chris on September 12, 2002 at 11:33:51:
hi
My name is chris and I have this deal. I bought this 3bed 3bath full fin basment ranch in a good location for $140k to flip. I checked the recent sales of the homes on that street and houses sold for 170,000 and 174,000. After all the fix up and holding cost I know that in order to make at least 15k I must sell the house for at lest 170k I had many people call, about 20 people called me and about 7 wanted to see the house. So far I got one offer for $155k which sucks, I know that they like my house. My qestion is, should I make a counter offer for about 177k 3k less than my asking price of 179k or should I play the waiting game and wait for them to call me and give me thier second bid.
Thank you
More details needed… - Posted by Hal Roark
Posted by Hal Roark on September 14, 2002 at 07:59:08:
Chris,
It’s not clear to me if you have done the rehab already or are looking to flip it as is to folks looking at it now, at an open house. Also, how much did you put into it? How long have you held it? What have your holding costs been to date?
If your question is, “Should I sell a house I bought for $140 for $155 that I haven’t done anything to?” … my answer is a resounding Yes. I’m not sure that’s your question, though.
Hal
Re: Need help with this deal - Posted by Shawn J. Dostie
Posted by Shawn J. Dostie on September 13, 2002 at 12:51:05:
Is it possible that you have a savvy buyer out there that has figured out how much you paid and how much your rehab costs were? It seems odd that someone would offer exactly what you have invested. Would you accept a $5000.00 profit today or wait for a better offer? That is a question only you can answer. I like land contracts with a 5 year baloon, but that’s just me,I know if I finance it, I’ll get full market +++.
Good Luck,
Shawn(OH)
Re: Need help with this deal - Posted by Clair-MO
Posted by Clair-MO on September 13, 2002 at 10:05:06:
Chris, There is isn’t anything wrong with making a counter-offer if the folks really motivated they will take your offer! Try a counter-offer and see what happens or you do the waiting game if you choose to do so. Just my 2 cents.