puttin gin an offer on my first flip
Hi All,
Question - I have done a lot of analysis in my local market and I found a couple properties that I am interested in putting my first offer in on. This would be a flip and my first one. One property in particular has great numbers. It is an REO and has only been on the market for about a week. I am going back out to view with my GC on Thursday and if he confirms for me what I think, I want to submit an offer.
Question - being that it is an REO, how much should I offer? It is already priced very well based on the other comps for "ugly houses". I want to position myself well to have the offer accepted. Also - what is the typical timeframe for hearing something back? Do REO's counter or just accept/reject?
Any insight is appreciated. Thnx,