Good day everyone. Just starting listening and learning from Bigger Pockets recently. I’m looking to take down my first fix and flip project but have a question before I submit my offer
ARV is $251,000
The home was purchased from some investors earlier this year for $60,000. They’ve accepted my verbal offer of $142k. They purchased it to fix and flip but decided to sell and move on. My question is why would they want to move on? Could they have found a major issue? Are they afraid of the market conditions? Do they just want to cash out? Why wouldn’t they finish the project themselves? It’s become a bit of a red flag issue for me and I’m hesitant to move forward
Developer · Mesa, Maricopa County · Member since 2019 · 43 posts · 43 votes
1y
Nobody passes on a good flip that they already own. That's like mining gold in Alaska, bringing it to San Francisco and saying, "I can't do the rest, take it off my hands at a discount." All the hard work is already done.
They either know something that you don't or you know something that they don't(the only correct answer is if you know it's worth more than they think it is)
Otherwise you're likely buying fools gold. Given that I hear this story once per week with people doing their first flip... I'd steer clear