70000 price

8 Replies

1260 sq feet 4 bedroom home 2 bath in c level working class neighborhood by sFchool. Rented at 950 a month. What should my offer be and can I use a vacant land I own as a down payment.  Zillow say it's worth 76000 and tax website 50000 he purchase for 56000 in 2013

Why is he selling, when he has it so good? If I'm making $950 on a $56k property, my price would be above $100k. As a buyer, I would pay $80k, due to uncertainty of maintenance and reliability of the tenant.

Too many unknowns - even about YOUR land. What's IT worth, and why would the Seller want it?

ie. you might have to convert its value into cash - by selling it!

Forget the "Zestimate" - you might get just as good a guess by throwing a dart at a dart board.

As far as I can see, many properties have NOT increased in value since 2013. Why pay more now?

What due diligence will you do after your Offer? How will you word your contract contingencies?

First step: find out the recent SOLD comps in the immediate area - then find reasons to offer LESS!

he said he need the cash so he is selling 2 of his properties

Originally posted by @George Gipson III :

he said he need the cash so he is selling 2 of his properties

As I thought: your block of land is of absolutely no use to him (- or to you? ie. sell?). Good luck...

Originally posted by @George Gipson III :

ok so the bank will not take it for collateral?

You could probably get a Lender to let you borrow say 65% of their own appraisal of your land's value, and perhaps 70% of their appraisal of the seller's property's value (providing your own provable income justifies their generosity), but, you'll have to check with THEM. Cheers...

@George Gipson III , it doesn't matter what he is asking for it, it doesn't matter what he paid for it. The only thing that matters is what it is worth right now. And that, you get from looking at comparable properties that sold recently.

If comparable properties are going for $60k, then offering $80 is silly.

Is this in Vero Beach? Did it get hit by Matthew?

Mindy Jensen, Real Estate Agent in CO (#FA100049656)

this is fort pierce and no Matthew was overrated didn't do much. The comparable  home at the sizes are going for around 80k he did not list it on mls yet which he is hoping will drive up price I am trying to get under contract before then

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you

Join the Largest Real Estate Investing Community

Basic membership is free, forever.