I’m about to submit the package and I want to make sure the numbers and strategy look o.k.
Namely, is the purchase price I’m asking in the right ballpark?
Is the low bpo I’m suggesting low enough?
What numbers (price and bpo) would you suggest?
Please let me know of any other flaws to my approach.
Situtation:
It is currently listed, with a realtor (asking 7%, but expecting to have it worked down to 4%) --the agent is letting me deal with the lenders.
The property is assessed (way too high) at $390k, but it hasn’t even received offers being listed for months at $350k).
The FMV after repairs is probably right around $320k
I have -repair estimate for $14k.
-low comps and an “as-is” bpo for ~$295k.
The contract sales price is $220k, plus I pay closing costs of ~$9k