Posted by Redline on February 27, 2001 at 15:56:51:
First, if an offer was REFUSED you should be able to find out what that offer was. Atleast that’s how it works here - I would press on this.
Second, you’re going about this offer process the wrong way. You need to buy low enough to make a profit by fix and flip, rent, etc … low enough to cover you when something unexpexted happens in the deal. To do this you need to figure out the FMV, minus the repairs, profit and holding costs (for starters) …
You also need an exit strategy - unless I missed it I didn’t see what you planned for the property.
Don’t be embarrased or ashamed to make a low offer. This is business and you’re playing for real. The broker and the bank are not your friends.