Negotiations are stuck with the owner...
Hi
Checking property for purchase in Woodstock GA in the house has a basement full of mold and neglected, the owner is not willing to take into account the costs of renovation of this basement
, claims that he has already dropped a lot in price what should I do ? Accept the proposal as it is?
Thanks in advance Lior
Most Popular Reply
Hi @Lior Elul,
If you and the seller can't arrive at a number that works for both of you, it may be time to move on...
...and schedule a follow up on your calendar for 3 months and 6 months from now.
- If it hasn't sold in 3 months, offer 90% of what you're offering today.
- In 6 months, offer 80%.
Or maybe it sells to someone else for a number that didn't make sense to you, in which case you truly do move on dot com. No biggie.
I watch a duplex that sold for way more than it was worth relative to property condition. It closed about six months ago. A week ago when I drove by, a look in the windows reveals that even the demo still isn't done. There are "stop work" orders from the city plastered all over the property because some toxic sci fi apocalypse bio-hazard was identified or something.
Meanwhile, the "investor" is in a hard money loan that public records indicate was cross-collateralized by another property he owns. Whoops.
When it comes to properties this beat up, you don't want to compete on the basis of "who is the biggest idiot," because that's a competition you don't want to win! Most of these will slip through your fingers, and that's OK. You don't want to "win" by being that guy above!