Distressed Property on Zillow - Contact Agent?

Question

Question for the experts!

I have found a property on Zillow I am interested in making an offer on.  It is a major fixer-upper listed for $175K on prime real estate.  I ran the 70% calculator and can offer 105k.  I did some research and the owner is delinquent on taxes and owes about 9K.  No lien yet, but I can view online statements and the notices threaten a lien.

I have the current owners name and address, and questionable phone/email.  I have attempted to reach out by phone, but the person responding to texts says it's not him.  I attempted email, but no response.   The question is where I go from here.

Should I sent old fashion snail mail? Should I go ahead and reach out to his agent who posted on Zillow and go through them? I can do a cash purchase (I'd like to BRRRR the property) or seller's financing. Suggestions? Thanks everyone!

Chris Davidson · Answer

@Kate Purse if you are serious about getting a property I would find an agent in the area you want to invest in and let them help you. If it is on prime real estate it may be the land value is worth 175k. Unless the house has been on the market for a long long time it is unlikely they will take it you are offering 40% less than they are asking. It would make more sense for them to drop the price 25k and see if more offers come in. You will be seen as more serious if you are working with professionals, and it doesn't cost you as the buyer.

Best  of luck

Nicholas L. · Answer

@Kate Purse

if the property is on Zillow... it means the listed price is what they want.  it's great to make an offer, but i think there's a near zero percent chance they'd accept

i'd contact the agent and see what happens

good luck

Kate Purse · Answer

Thank you for your feedback.  I do have several real estate agents that are working with me and recently closed on a house several blocks away from this one.  I was able to approach the owner and make a good deal.  For this one, I am attempting to do a BRRRR strategy and approach the seller directly - he is elderly, the house is vacant and falling down, and he has back taxes.  If they choose to say no, that is okay.  I am following the calculators and training I have received and I feel this is a serious offer.

Eliott Elias · Answer

Knock on his door.

Devin James · Answer

Hey Kate Purse,

I say contact the agent, you may get some more insight on how motivated the seller is. Submit an offer that works for you and expect to receive a counter offer.

David Ramirez · Answer

Contact the agent and build rapport to know more about the situation. Always shoot your shot, you never know how motivated the seller is.

Distressed Property on Zillow - Contact Agent?

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