I only have a few days left on my contract with the seller. HELP!

Hollywood, FL · Member since 2017 · 7 posts · 1 vote

I only have a few days left on my contact with the seller and really need to get this property sold. (it will be my first deal) - Any advice on how to quickly sell a property? I've sent it to my list multiple times and even lowered the price, but still nothing. Help!

The property is a duplex with 6 additional lots in crystal river florida

please and thanks!

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John Thedford

Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes

if you signed a contract to purchase it then keep your word.

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Cody Evans
Wholesaler · Fairfield, CA · Member since 2017 · 472 posts · 145 votes
8y
You have to ask yourself if it is really a deal because if it was I would think investors would snatch it up immediately. Can you describe the numbers on the property?
2 Reply
John Thedford
Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
8y
if you signed a contract to purchase it then keep your word.
4 Reply
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OP
Hollywood, FL · Member since 2017 · 7 posts · 1 vote
8y
Here are the numbers:
ARV: $332k
Repairs $80k
Asking $140k or best offer.
It has 6 additional lots that are already zoned R2 for multi-family use, but need clearing out first. The duplex is unlivable and needs about $80k or so in repairs to make rent worthy.
As a last resort I'll purchase this myself and close with the seller, but I'd rather not if I dont have to.
0 Reply
Brian Pulaski
Flipper/Rehabber · Montgomery, NY · Member since 2016 · 2k+ posts · 1k+ votes
8y
What help are you looking for? How many investors viewed the properties and passed on the deal? If a lot of them have, then it really isn't a deal. The only help I can offer is lower the price to where it is a deal and someone buys it, or close as your contract says and make the end money yourself.
2 Reply
John Thedford
Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
8y
is the nuclear reactor still located there?
2 Reply
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OP
Hollywood, FL · Member since 2017 · 7 posts · 1 vote
8y
Well I believe thats part of my problem - As I'm just starting out my network isn't as great as it should be, so I estimate only a few hundred people have actually been made aware of the property. There have been two people that have actually visited it over this past weekend but have not gotten back to me. Do people negotiate anymore or do they just see the asking price and if its not within their range move on?
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OP
Hollywood, FL · Member since 2017 · 7 posts · 1 vote
8y
The reactor is closed and being decommissioned.
0 Reply
Matthew Paul
Severna Park, MD · Member since 2013 · 7k+ posts · 7k+ votes
8y
Buy it , break it up . Sell the house a bit cheaper , then sell the lots .
1 Reply
Brian Pulaski
Flipper/Rehabber · Montgomery, NY · Member since 2016 · 2k+ posts · 1k+ votes
8y
@Account Closed you need to circle back to anyone who had a potential interest, although with a few days left you may be stuck. Did the two who visited the house go inside and have a look, or simply do a drive by because you didn't have access? If they only drove by this past weekend, they might be crunching their numbers now, or might have passed on your deal.
I have actually never offered below "asking" for a wholesale property. I run my numbers and if the price works, I would offer it. If I am close, I would negotiate. So far I have not been able to come close to their rehab and ARV numbers, and the profits haven't been there.
You need to be on the phone/email reaching out to these "buyers". You will also need to be on the other side getting your end in line to close the deal as per your contract.
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John Thedford
Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
8y
Have your customers been able to see the inside or just drive by?
0 Reply
Chris Moore
Rental Property Investor · Mountain View, CA · Member since 2015 · 73 posts · 17 votes
8y
What are you basing your ARV on? Land value? I would imagine that is what the investors are looking at as the structure might not be worth saving.
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OP
Hollywood, FL · Member since 2017 · 7 posts · 1 vote
8y
They have been inside it as its currently abandon and needs a full rehab. I based the arv off what similar duplexs have sold for in that area recently plus the value of the additional land, based on recent solds.
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Brian Pulaski
Flipper/Rehabber · Montgomery, NY · Member since 2016 · 2k+ posts · 1k+ votes
8y
Reach out and see what they will pay you for the deal. That's about the best you can do.
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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
8y
No people don't negotiate much anymore.. it they think a wholesale deal is way over priced they tend to just throw it in the circular file...
it could be that there is not enough total value to justify building as well.. that's quite common in some areas IE you can buy exiting cheaper than you can build even if the land is free.
then you add in cost of plans permits financing cost holding cost and land has little valvue.
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Caleb Heimsoth
Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes
8y
Robert Capel every Meetup I’ve been too lately there have been wholesalers trying to sell raw land (which if that duplex isn’t worth saving, which I’m guessing is the case) is basically what you have here. My point is there’s a lot more wholesalers with raw land than guys like Jay Hinrichs (who’s the type of end buyer you’d need) to buy the raw land and that’s where the issues start.
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Tom GimerBusiness Member
DMV · Member since 2017 · 3k+ posts · 3k+ votes
8y
Let this "deal" die.
Next time identify your potential buyers in advance and find them something they want.
Nuclear reactor?!?!? @John Thedford are you out searching FL for properties dressed in your safety suit?
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Account Closed
Investor · Princeton, TX · Member since 2014 · 1k+ posts · 1k+ votes
8y
@Account Closed It is over priced. The lots of worth very little. If you have a way out of the deal, I would suggest taking it immediately.
I wonder how long the coal power units will stay open. They are not even attached to a mine. It is hard for a coal plant to make money when it is at a mine. You can basically forget it long term when the coal has to be transported by barge.
The population of Crystal River was estimated at 4347 in 1999. In 2016, it was 3138.
To quote Robbie the Robot... "DANGER".
1 Reply
Ola Dantis
Multifamily Syndicator · Houston, TX · Member since 2016 · 1k+ posts · 2k+ votes
8y
@Account Closed One of the many things I like about BP is the different perspectives you get (for free).
Robert, Real Estate Investors should try their absolute best to not be so emotionally attached to a deal. Usually, this unforgivingly clouds one's judgement.
Remember, this is a real-life reason no one is scooping up this deal from you. Perhaps, the universe is telling you in a subtle that you should rethink this deal.
Hope this helps, Robert. Goodluck. Thanks! - Ola
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John Thedford
Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
8y
Originally posted by @Tom Gimer:

Let this "deal" die.
Next time identify your potential buyers in advance and find them something they want.
Nuclear reactor?!?!? @John Thedford are you out searching FL for properties dressed in your safety suit?
All the people were wearing HAZMAT suits and the fish had an unusual green glow that was spectacular at night!
2 Reply
John Thedford
Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
8y
Originally posted by @Account Closed:

@Account Closed It is over priced. The lots of worth very little. If you have a way out of the deal, I would suggest taking it immediately.
I wonder how long the coal power units will stay open. They are not even attached to a mine. It is hard for a coal plant to make money when it is at a mine. You can basically forget it long term when the coal has to be transported by barge.
The population of Crystal River was estimated at 4347 in 1999. In 2016, it was 3138.
To quote Robbie the Robot... "DANGER".
What about the rumor that Disney is coming and they are quietly buying up huge plots of land for assemblage?
0 Reply
Ian WalshBusiness Member
Lender · Philadelphia, PA · Member since 2016 · 2k+ posts · 1k+ votes
8y
If you are wholesaling, it is always about price.
1 Reply
Account Closed
Investor · Princeton, TX · Member since 2014 · 1k+ posts · 1k+ votes
8y
Originally posted by @John Thedford:

What about the rumor that Disney is coming and they are quietly buying up huge plots of land for assemblage?
There are at least 10 places in the world with that rumor. Even if that was true there are many properties on the MLS that are better deals.
0 Reply
John Thedford
Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
8y
Originally posted by @Account Closed:

What about the rumor that Disney is coming and they are quietly buying up huge plots of land for assemblage?
There are at least 10 places in the world with that rumor. Even if that was true there are many properties on the MLS that are better deals.
LOL--you bet! Just trying to get him to close.
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John Thedford
Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
8y
Updates? When does your contract expire? Do you have a lot at risk?
0 Reply
Jimmy Dudley
Real Estate Broker · Westminster, MD · Member since 2017 · 159 posts · 101 votes
8y
Well at least you claim you are willing to do the right thing and purchase it, if you have to. Sounds like people have different numbers than you do. Plus a lot of people have little interest in negotiating with a wholesaler.
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