I am very green at this real estate investing. I just finished talking with a HO whose condo has been in the market for almost 3 months. they are selling the condo for 269,000. The HO stated that they would drop the price to 265,000. The HO stated that he had surgury and could not stand walking up and down the stairs. He seems like a motivated seller.
Some of the other condos have sold for 290,000 in the area . Any feed back would be great.
Ramon
your saying that other condos sold for 290 in the area but are they the same bd/bath garage living space size and how long ago did they sell because if they have had this listed at 269,000 for 3 months i would be questioning the fmv you give of 290,000
thy are the same in the area
it was reduced in price it was not always 269 that ia why I feel it is a good opportunity
ok then if you feel that it is a goo roi for you what do you plan on doing as a exit stratagey
OK I met with the HO and right now even though it has been on the market for 3 months they are still hoping to sellit for cash. But he did take my phone number in case they change their minds. I think that maybe with a little persistance I might get them to except a lease 2 option. He mntioned to me that it was really difficult for them to make 2 different house payments. So they are very motivated but a little scared maybe? So to give myself another crack at talking with him I asked him if I could show it to my wife sometime this week and he said O.K. so I am making another appointment with him. Should I have something on paper for him to look at?
The exit strategy I was thinking of was a subject to finding a Tenant - buyer for the property clause.