I'm looking at a house that a friend of mine wants to sell.. He had it listed with a realtor for 195k with no results in 6 months. The house is in perfect condition and a great neighborhood with great schools. I want to flip it but since I'm new at this what should I offer? I think the house should have easily sold for 175 to 180 .. It's 1660sqft 3 bed 2bath and 2 car garage. No pool... I was thinking on offering 120 but I don't know if that would insult him plus he did buy a new home already . He does have a renter in it that pays 1200 a month till sept. What should I do???
Before you do any of that you need to decide what the comps are in the area of recently sold homes similar to that one.
If the house needs nothing I highly doubt he would accept 120k for it unless it needed a lot of major repairs.. That's 75k below asking price.
If he has a renter in there already covering the mortage he has no incentive to sell.
However it's possible you could maybe see if you can do owner financing or take over his existing mortgage.
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