OfflineI am interested in a property in my neighborhood that has been vacant for some time now. I went to courthouse to look up the situation with the proeprty and found out it was recently acquired by plannig lawyer ESQ . The original owner is in a nursing home and I guess The lawyer has power of attorney.
I called the lawyer and they said they were waiting to go to court to clear up the title . I asked if they would be interested in an offer, and they said yes.
How do I go about coming up with an offer they can't turn down?
I know the property needs a little work , TLC,.I might be interested in assinging it to an investor.
__________________
If I were in that situation I would look up the FMV for the property in question. Look at the property again, and factor in any repairs needed.
After that, compare it to what I have to offer but that would depend on if I had a buyer lined up for it and what their price range is.
If I were to keep it and simply lease it, find out how much homes in that area rent for. Do the math and decide again what a fair price would be for that situation.
But, in the end I would simply ask the seller (the lawyer in this case) how much they want for it. Make them give a price first. you dont want to offer them more than they were going to sell for originally. If they arent RE attorneys, chances are he/she may not know much about RE. Find out why they dont want to keep it and see if you can find that magic button dean talks about.
If they are way too outrageous with a price, kindly educate them about your finding of the FMV. Let them know what the homes are going for in the area. Remind them of the repairs needed, inspections etc. They will see you know your stuff and you mean business. Then be willing to hear your more reasonable offer.
I hope all goes well for you and look forward to hearing a good outcome to this story
Best wishes and god bless,
Tracy Lynn.
***
Tracy Lynn
My daily journal link.
I'd love to hear from you.
http://www.deangraziosi.com/real-estate-forums/investing-journals/29564/...