Seller wants 245k on 2 bed room 1 bath house he got from foreclosure,house needs to replace kitchen and floors and repaint interior, he needs to close in 10 days! I compared house with other properties in neighborhood, similiar properties are on the market for 230k range, most of these properties are sitting on market for a month or so, so I replied with my offer of 207k with a $1,000 earnest money deposit, he replied back and said he would offer me the house for 235k with an earnest money deposit of $500.00 , No contingencies, proof of funds, a verification of funds will be done, and should close in 10 days! Any ideas from the experts…
Wait a minute you are flying blind. You need comps on that house. You need to know what every other house in the same neighborhood has sold for in the last 6 months. All else is BS. That is what the subject house is worth after it is fixed up…period. Not what others are listed for. The comps will also give you the days on the market.
The most recent was a 2 bed 1 bath 900sq ft condo that sold for $165,000, this house has 1355 sq ft living space and sits on 3400 sq ft lot with parking .