Forgot to add that I wanted to add $1500 seller paid closing costs with my final counter offer.
Can you remove the inspection since it's a flip and take it as is?
@matt k. Inspection is my only way to get out of there is something significantly wrong and would blow my rehab budget out of proportion. Am I incorrect in how I look at inspection?
$221K + $60K + $12K = $293K
$325K - $20K (6%) = $305K
Projected Profit = $12K
Honestly, that doesn't seem like a lot of spread/margin in the deal. Maybe others will disagree but I don't know (if I were in your shoes) if I'd budge on price. Maybe just reduce the time to close and inspection clause. That's assuming that your lender doesn't require an inspection, they might, not sure if your financing situation. There are worse things in the world that just opting to walk away from deal terms that have become mediocre.
If it's been on the market for a while...they sellers might end up chasing you...
@andrew my rehab # is on the conservative side I believe but I haven't been through the house with my contractor yet.
I think my lender requires inspection and I'll double check on that also.
Thanks for your reply!
Days on the market = 96
@Max Gomeniouk Ummmmmm...then I'd have you say: "Before I counter, I'd like to take my contractor through the property." Who knows, they might say yes on the stop, say "sure", or see it as a delaying tactic. Who knows. Either way, at 96 days it doesn't look like the offers are flooding in. I wouldn't be in a hurry to counter and I don't know why you'd counter without taking your contractor through.
Okay, well, I would never counter before taking a contractor through. I don't know squat about construction so I'd rely heavily on the advice, counsel, pricing, etc. of the contractor that I'd use.
Thanks everyone. I'll see what I can do with getting my Contractor thru first. Appreciate the help
Skipped on this property . Thanks all! Rehab cost came in higher than anticipated :)