OfflineHi DG'ers!
So my partner and I have finally gotten an offer accepted, we definitely need help from this point to the closing table! All the info is below: (thanks in advance)
Its a 4/2 about 2400 sq ft, the hvac unit needs to be replaced (I was told that cost about $10k, should I get some estimates just to be sure?) zillow's estimate is $138k, total view is $136k, real quest is $163k and the parish assessors office last assessed the home in the 80s for $58k (I know that's outdated). The lady is 85 years old and she's moving out of the home in with her daughter and just needs to get rid of the property. They wanted $95, we offered $80 and they accepted. They are waiting to hear back from us so we need to make a move and I am in shock I don't know what to do next!!!!
we have buyers and are prepared to market it as a fsbo on CL and in the area with bandit signs, we mainly need help figuring out what to sell it at! Any and all advice is welcomed!! yay us lol!
nicoleryane
Working diligently to make that first deal!
You have taken action and that is great but you are missing some important steps here. First you need to find out what the comps are from an agent. Mainly houses of that size that have sold in that area in the last 3 to 6 months. Zillow is fine but at times they are high or low, so you need comps.
What will your exit clause say if you don't get any bites on this deal, and don't use the old "Subject to my partners approval" exit clause because if you need to go and borrow money on this prop they will throw it right in the trash.
I am assuming you are looking to assign the prop to another investor or buyer. That is great but what is your asking price?
What are you or the seller going to do about the hvac problem?
You gotta cover your bases pilgrim before you count the cash. Hope this helps a little, but your figures and your game plan are kind of up in the air. This is just something constructive to help you succeed...Jan
thanks for the great info....yes we want to wholesale the property to someone else. I don't know about the exit clause, that's part of the help we were looking for lol. No but we were thinking contingent upon securing financing, she understands that we are going to sell to someone else. What do you think about that?
Based on the calculations we buy for 80k + 10k for the HVAC, we were going to ask $95k as is, that's 70% of ARV....I just talked to our realtor and he is going to pull comps for us
nicoleryane
Working diligently to make that first deal!
Send me a PM when you get the comps. Let's figure something out here. I like the idea that you are only looking for a 5k fee,,But this leaves no wiggle room for a potential buyer to counter your selling price. Lets take a look...Jan
Where are you getting the 10k from to fix the HVAC?
Congratulations! I'm very happy for you!
In Christ alone, I place my trust.
thanks for the support!! I think I'm on to something now....
nicoleryane
Working diligently to make that first deal!
great goin girl. i just pm'ed you. you have a message from me.