Posted by dewCO on November 15, 2000 at 15:43:17:
Do both and overnight your offer to him.
tired landlord… should I - Posted by Gemi
Posted by Gemi on November 15, 2000 at 12:02:26:
I have a possible deal but need to know if I should make a verbal offer on the phone or mail the guy a written one?
There are no terms he just wants a cash deal. The owner now lives out of state so a face to face isn’t possible.
I have not been able to view the inside as it’s rented but the tenants are moving in a month.
The owner is aware that it needs at least paint carpet & a roof (his realtor friend told him that and said it would run apprx $8k) He doesn’t want to bother with repairs before selling. The property is in a great area and the only downfall is the backyard faces a parking lot and a brand new 4 story building which may affect holding time.
FMV according to his realtor friend is about $146k, I come up with more but I was going to base my offer on his valuation and offer him around $112k.
Thanks in advance for the help
Re: tired landlord… should I - Posted by Mark (SDCA)
Posted by Mark (SDCA) on November 16, 2000 at 11:19:02:
If the numbers are correct, I would say you are in the ballpark if you plan to keep it or wrap it. (Not enough spread here to flip.)
You are buying at 82% of FMV (when you factor in the repairs).
I would mail him an offer or at least a letter of intent to see if you are in the same ballpark.
Mark
Re: tired landlord… should I - Posted by Beldorian
Posted by Beldorian on November 16, 2000 at 24:53:29:
Sure sounds like you are listening to HIS realtor friend a lot…
Only you know if it is a deal or not, but I would make sure to get estimates myself or retain the services of somebody locally before dropping a dime on the property.
Also, remember the old addage…I don’t remember who said it first but it bears repeating, “My price, his terms; His price, my terms” If the guy is not willing to give terms, you are in total control of price.
Best of success!