Am I being too greedy?
I have a small mobile home on its own lot that I obtained through a tax deed sale. I was the applicant and no one bid so the property was struck to me. I've had it on the market for almost 3 weeks at $12,500 cash sale but said I would consider owner financing with 40% down. I came up with this amount based on the very few comps in the area and the general dissrepair the home is in. Here are the comps:
9/2012 $7K
12/2012 $21K
8/2013 $15.5K
So far I've had about a dozen responses to my ads with two people looking at it inside and out and a couple of people checking out the outside. I've had one person ask me over the phone if I'd take $10K and one person ask the same question through text. Another person emailed me and asked if I'd take $7K. None of these people have been inside the home.
I finally had two showings last night and one person wants to bring their handyman out to do a further assessment. That person asked how low I was willing to go and I told them I've received two offers for $10K and had more showings to do (it was supposed to be four showings last night).
The second showing, I was offered $7,500 cash with a 10 day close. I told them about the two offers for $10K and that a couple more people want to see it, but for a quick cash close, I could go down to $9K. He wanted to think it over and would if I still have it this weekend might be able to do a deal with me.
Additional information:
#1: The last owner had a tenant move in a couple of months earlier to "fix the place up" and he let another guy move in with him. He told me last night he found a place and I think I'll end up helping him out with his deposit of $250 to get him to move on.
#2: I own this with a tax deed and due to the low price I'm trying to sell it via quitclaim deed. I could quiet the title ($2,500) or use Tax Title Services ($1,650) to allow the buyer to purchase with title insurance. Both seem cost prohibitive. I've done my own title search on the last owner and the prior owner, which dates back to 2002 and everything looks clean. I still recommend a title search be done by a title company. I explained all of this to the second showing, so they know the situation.
So my question is, am I being too greedy? Should I be taking the $7,500 and moving on to the next deal or hold out a while longer to see if one of these nibbles for $2,500 or $5,000 more work out?
I'm not looking to rent out this property. My exit is a cash sale or potentially a seller financing deal, but I'd need to find an MLO and a servicing company for that and I've only had one person inquire about the financing so I haven't pursued it.
Sorry for the long post.