Ok here is the Scenario
House appraises 239k
Asking 119
Needs face lift and update 30k
Want to offer no more than 100k and use hard money lender to purchase and do renovations
Does anyone think this will be feasable to a HML. Exit stratagy Sell to Retail buyer.
All :help is appreciated!
who is selling the house
have you talked to them yet?
you need to find what the comps are. assuming the appraised value is the same as the comp, 65% LTV is about 155K
minus repairs puts you right at that 119k asking.
Try to get the price down a little, and put it under contract.
Check your comps first
Always keep in mind the difference between appraised value and Fair market value. With your crashing housing market appraisals really don’t do crap in many cases.
Good luck