I need some more advice. I have a pre-forcloseure that could possibly be my first short sale. I want to wholesale the deal. The numbers are as follows:
Asking: 504K
ARV(Market Value): 655K
Repairs: 80-90K(Used as a rental house to COLLAGE STUDENTS, ALL MALES!!!)
My MAO(Giving the investor 5K extra to have a bit of room)355K
Does that sound good?
Where do you experienced REI’s think I should start with?
I’m doing this through my realtor sho i’m sure she will think this offer will be low.
My game plan is to just start a bid and if rgected bid a cuple hundred more and submit with pictures of the property, to prove that the property needs these kind of repairs, also send in an estimate from a contractor.
looks good on paper. i personally wouldn’t wholesale a short sale. we don’t even know if the current owner is behind. is there a second mortgage involved? be prepared to wait a long time.
Ignore the assessor’s numbers, stick to comps only. Assessor’s numbers can be way off due to the formula’s they use, etc. Your SOLD comps, as recent as possible, will paint a more accurate picture. If possible try to use comps that are as close to the subject property as possible (geographically), close in size and shape, etc. Also, try to use the most recent comp sales possible, 2 months old or less if possible but no more than 5-6 months old.
Since i’m going through a realtor to do this, what questions do you think I should ask the realtor about the property and the deal to make sure its a good move. I got sales comps, thats where I got the numbers from. Thanks