OfflineIve been having trouble with my agent, because she really doesnt like to submitt low offers, we have a real short demand over here, and a bunch of Investors, so she's always asking to put bids over the asking...
so i took it upon myself to make something happen.
I went on the mls, and scopped out three houses. i called all three and asked what the status was.
the first two were listed wrong, because he didnt state it was a shortsale in the description, and i dont have time to wait. plus there was six offers already from which he hasnt heard from the bank.
NOW, the Last house. Well thats a different story. It was labeled a 2/2 1,400 sqft. and in good condition. I called to get more info and the owner Just wants to sell. No short sale or reo, His wife had just passed. I scheduled a time to look at it, and today was the day. it actually has 3 bedrooms / 2 baths all granit counter tops, and carpet is fine, theres no real problem with the house...a lil small in the living room but no big deal.
Heres the best part.
it been on the market for 2 months and no offers. the owner wants to leave to arizona, and wants to sell, i told the real estate agent that i would let her represent me as well if she could get my offer accepted, since i was going to be very aggresive with it. also if she takes my offer, as soon as it sells, i would Re-fi and sell it again and let her list it on my behalf...so she could make "thrice" the commission.
She said she seen my offer and will call me tommorrow
last but not least the house was listed at 144,350
i offer'd 119,990!!!!!!
-Larry
impossible is nothing!
.....am i asking too low??
impossible is nothing!
If you ran your numbers and you know what the place is worth, don't second-guess yourself.
Just let it play out. One step at a time.
Do you have any more details for us?
Hey, I just want to say congratulations on stepping out there and taking action! That already sets you apart from most!
Wishing you well on this deal and many more! And remember, you learn from each thing you do. Never a wasted offer or deal, in my opinion!
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
Rina thank you very much....
HERES THE UPDATE.
My partner and I met up with the agent today, the seller had counter'd our offer at 125,000. we were happy, that was our MAO, after talking abit. and dsicussin a few terms, i asked to go down to 123,000 and the seller agreed, we then wanted to procede with the paper work, so she went to wrtie it up and met us back in a hour. we came to sign the papers but noticed that the closing was to be split 50/50,
so we had told her to postpone till tomorrow! My partners loan is a VA. he is to have nothing out of the pocket.
HERES MY BIG QUESTION.
i did all my research and went to alot of sites, and came up with a decent FMV. but still unsure. The house sold at 117,ooo last year, and 3 yrs ago at 335,ooo the houses around it are in the mid 100,000's and this house is in really good condidtion. needs maybe new carpet in two rooms,(also the house is listed at 2/2 but has a third bedroom built in)
I sent my offer with a small list of contingencies in the form of an LOI. but i really want to know what the house gets appraised at?
can i still add a contingency on the final paperwork such as an "Apraisal Contingency"
or is it too late????
impossible is nothing!
I believe since you did not write up the formal offer yet, you may still be able to add to it (any realtors help me there?).
What are you planning to do with the property? Do you feel it's a good enough deal to work your exit strategy (assign, flip, buy & hold)?
It might still be good to get recent comps from a realtor to be sure of the value. Of course, if you already have a buyer and know what $ you are making on it, you're good to go.
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
well Rina,
My partner is the one who will be buying it on Our behalf. we would like to buy and hold. Or if profitable put it right back on the market.
Can i ask for the comps in writing??
also....i am wondering if this is possible!
if the house does get appraised at ex. 130,000 we get the house for 120,000 can we re-fi and pull the equity out??
or how does that work??
impossible is nothing!
On an investment property you can usually only pull out 80% right now, so unless your appraisal comes in much higher it might be very hard to do.
Yes, get comps from your agent on paper. Remember you only want the properties that have SOLD in the last 3-6 months, similar properties in the same neighborhood (or similar neighborhoods). This should give you the closest value to what an actual appraisal would be. If it's not a great deal, you can always move on to the next.
Wishing you the best,
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
thanks again Rina
you rock. just to sum-up
It might be possible to add a contingetcy in before signing the final papers.
if it is, would i word it as
"I Contingent upon an apraisal before closing and above the final sale price"
^I'm sure it is, but i just want to be sure. as in any case its not i can back out before closing.
I know im getting a good deal, but my partner wants to make sure. also,
pulling out equity is usually okay for around 80% as soon as its final.
my freinds loan doesnt have any seasoning, BUT, someone recently told me that when buying a property. the price you pay in turn turns into its own comp???
is that true and can you elaborate a bit more?
impossible is nothing!