What can I do? - Posted by Eddy Martinez

Posted by Eddy on May 11, 2006 at 09:26:16:

thank you… I was thinking that too…

What can I do? - Posted by Eddy Martinez

Posted by Eddy Martinez on May 10, 2006 at 23:52:43:

I just came up with a property I’m intersted in flpping to another investor. I am a newbie so I need your advice. Here’s how it goes: I found a property in the legal section of the newspaper… It was supposed to be forclosed… I went to look at it and to my surprise it had a for sale sign with a realtor. I called the realtor to find out about the property. She told me that the property was appraised at 265,000 and the sellers are asking for 243,000… she also told me that the house needed like 25,000 in repairs… and the ARV will be 300,000… Also she told me the sellers made up the back payments but they still want to sell. And that someone offered 225,000 and the sellers rejected the offer. What can I do?? Do I negotiate directly with the realtor?? Or what can I do??

Re: What can I do? - Posted by Mike-OH

Posted by Mike-OH on May 11, 2006 at 05:04:49:

Why do you want to pursue this property? IF the retail value is $300K and IF the market doesn’t decline in the time it takes to purchase and rehab, then this could be a deal at $225K, which has already been rejected. This doesn’t look like a deal to me. I’d just pass!