This may be my first deal - need help with ARV
Ok, so I might have my first deal. The seller #1 is out of state and spouse lives in the home. #2 They are getting a divorce. #3 The house is fsbo & has been listed for 9 months. #4 She is "willing to work with me". HELP ME!!! went to Zillow for the comp the zestimate was $41K cheaper than asking. So I tried to do a comp with recent homes and came up with $200k so the arv is $210k because its really turn key aside from cosmetics. Then minus $6k for me, and the investor will profit $15k so I should offer her $179k right? I don't know if my numbers are right and I don't know if there is equity in the house (paid for). If there is equity, what does this mean. And lastly, how do you close when the potential buyer is not local, shes in FL and the soon to be ex hubby is in the home? None of my books break this down. Please advise and thank you. I told her I will call her tomorrow Friday 03/2/15.