Posted by IB (NJ) on April 16, 2007 at 18:13:14:
Are you sure about that $175k? So it doesn’t sell at $179k, but you think it’s going to sell at $175k? What make you think so?
What’s your exit strategy?
Ib
Opinions on 3 offers on a single property - Posted by Jay(OR)
Posted by Jay(OR) on April 15, 2007 at 03:20:01:
Have any of you had success making multiple offers on a single property?
For example, we are looking at a 2/1 listed at 150,000.
This house was previously listed at 179k, but needs $3,000 of work to shine, and most buyers are turned off by the flaking paint and outdated look inside.
Anyways, I have 3 ideas for offers, each with it’s own benefits.
- Hard money loan 109,000 closing asap
- Conventional financing 125,000 closing 30-60 days, 10% down
- 139,000. 100,000 New first mortgage, 39,000 second mortgage to seller- no payments no interest- due in 3 years.
By the way, the house is owned free and clear, and the seller lives out of state.
I would love to get in with option 1 or 3, but am not sure how this would be received by the seller.
Does anyone see anything that I have done wrong? I am in a very competitive market, and this is the best deal I have found in months, even at the listing price.
Any opinions on how any of you would structure this deal would be appreciated. Are there any specific benefits of option 3 that I could point out? Thanks, please let me know your opinions.
Re: Opinions on 3 offers on a single property - Posted by Jay(OR)
Posted by Jay(OR) on April 16, 2007 at 13:24:03:
After repair value is $179,000. Thanks guys
Re: Opinions on 3 offers on a single property - Posted by IB (NJ)
Posted by IB (NJ) on April 16, 2007 at 13:19:05:
Natalie asks you some very important questions. Namely - what is the ARV?
Can’t really help you until you answer those two questions.
Re: Opinions on 3 offers on a single property - Posted by Natalie-VA
Posted by Natalie-VA on April 16, 2007 at 08:42:49:
What is the ARV and what is your exit strategy?
–Natalie