I’m a whole saler I’ve done two deals in the past and I havnt had any problems unloading a deal until now! Heres a quick break down on the property.
913 N 8TH AVE WALLA WALLA WA 99362
Single Family, 2 story,3 bed, 2 bath, 1420 sqf, year built 1905 complete remodel and second story added 2006. Electric heat with gas capabilities, but gas line is not hooked up. City water system.
Over all it’s a fairly charming little home in a quite neighborhood with easy access to schools and work areas. However it’s probably the best looking house on the street.
Market Value 149,000-159,000 From local appraiser company
COMP Solds. Within 1 year 1 mile radius 190,000. 190,000, 125,000, 65,000.
ARV-160.000 165.000 the house has been completely rebuilt but could use a few final cosmetic touch ups to the back yard kitchen and bathroom.
Price on the contract 115,000
Repairs 5-10k very light repairs needed
Taxes 1042.10
I’m asking for 7,000 on assignment.
Rent 950 month to month. The renter would like to continue to rent after owners change.
Three of my investors have looked @ it and decided against purchasing it. One only likes to buy junkers and this is not a junker. Other said he doesn’t like the curb appeal and would haft to barrow money from the bank to buy it cash and doesn’t want to do that. The other never got back to me.
What should I do? I wish I could just have some national buyer come out and take this off my hands make everything simple again so I can get paid! :banghead Anyone have idea’s for me? I would really sincerely appreciate any advice or criticism.
If the numbers are the way you presented them, no wonder you can’t find a buyer
What investor looking to buy a property that’ll cash flow would find that deal appealing?
If I was going to put a property under contract with an asking price over $100k to market, It would have to be 3 or 4 unit at least.
The number may not be good for an investor. However, you can wholetail it. Market it for cash buyers that want to buy it for themselves or for their kids. It would be 18% below ARV, which would compete very well against other retail houses.
Your best bet at this point is to ask the investors who looked at the property how much they would be willing to pay for it and present your new offer to the seller. If they take it you resign a new purchase and sale agreement and wholesale it and if they don’t want to go through with it then just walk from the deal. That’s your options. Good luck.
is this a usual option? i mean, lets say i do get in a deal i feel is good but i cant unload it. can i just go back to the buyer and say i have to get it for less? and if i do and the buyer says no, can i really just walk away? i guess my biggest fear is exactly what Aces is going thru.
what does he do when he has 30 days to unload and he doesnt?
Ok let’s say the repairs are 10K and closing costs are 3% at 70% ARV in order for you to make this work at your current assignment fee your MAO would be $89,200 so you’ll have to get them to sell it for $89.2K if you want the $7K fee.
That’s if investors are willing to purchase it at 70% it’s going to be lower if their ARV percentage requirements are below.
Thank you everyone for your input. My next step is to re-negotiate the contract price with the seller to 95,000 ask for a 5000 assignment and get in contact with more investors! I have 2weeks left on the contract
Ok so I lost the property on NOV 16th when the contract expired. I havn’t been able to get in contact with the seller for the past week :argue and still havn’t heard a peep from him.
But the mortgagee holder has contacted me about the property. He’s worried he will haft to foreclose on the seller.
Should I renegotiate the price of the property and explain why I was unable to unload it before?
Do I haft to wait for the mortgagee holder to foreclose on the buyer in order to put the property under contract again?
I don’t have time to go into details because the posts are rather lengthy but you can use the HUD hound method which I have posted here, or the Reverse MLS which I have posted here or the GameChanger which I have posted here.
Each of these methods are designed to INSTANTLY start locating buyers.