I need some advice on this one. I think it sounds to good to be true.
By the way this is my first flip.
I found a house that has been empty for almost 2 years. The person who lived there passed away and the house was left to his family. I tracked down the sister that is handleing the assesment. she does not live in the same state as the porperty. She told me that they are ready to get rid of the house and if I wanted to see it, she could arrange to get me the keys.
Here it is:
The house structure is in great shape, no cracks in the foundation. The house has not been touched on the inside, I mean the guys clothes, furnature, refrigerator ( with food ) has not been touched in 2 years. The house is very outdated. I have my brother in law contractor coming with me today to check it out. The house appraied at 218k due to the comps. in the neighborhood. After talking with the sister, she told me that if I look at the house and think that it is worth 50k, give her an offer and she will give it to the lawyer handling the assesment.
I don’t want to lowball to much, but I think some serious money can be made here. Any advice?
Have you got an estimate on repairs? If there is that much equity to be had, why not just offer her the $50K?
Regardless of the repairs that is a huge spread. I would definitely make sure the comps are accurate. Sounds like a winner. Good luck.
Dang it I need to find a deal like that here!
My advice… make it happen.
My advice is that if you’re nervous about the deal then just lowball them. That’s what I do when I’m not exactly sure what to do. Just go look at the place and make it happen like Jared said, or if you’re nervious then lowball the hell out of them and let deal decide for you.
If you look at a place that is in perfect shape and worth $100,000. They are selling for $75,000. You’re not sure what to do and don’t want to make a mistake. Rather than walking away, why not just bid $60,000 and see what happens. If they reject then walk away, if they accept then great. If you do nothing else, at least lowball. The deal will make it clear what you should do.
Thanks to all for the encouragment.
I am putting my offer i n today and I will keep everyone updated. Hope all goes well.