OfflineHi everyone, So a very nice lady contacted me and told me that she wants a payout on her property. She said she owes $47.5 on her home and claimed that her property is worth $85k.
Did my comps on the property and she had bought the property (zillow)in 2006 for $62k. Her comps are not strong as her property is only really worth $53k.
I havnt replyd back to her but there is absolutely no deal here and was wondering if anyone else can see something that I cannot.
What would you do in my position? would you offer something else or just let her figure it out on her own...
(btw-no repairs, no leans nor restrictions,property in upstate ny))
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Work the numbers as to what you can offer to make the deal work for you( her price does not give you much to work with) and make the offer,if she takes it good and if she does not move on, Jim
jbischoff
How did you determine the property value of $53k? Please tell me you did not work it off of Zillow listings and solds. Zillow and Trulia are know for having inaccurate data. I would recommend checking the county records to double check the sales price and the existence of any liens. Just make sure your data is accurate.