Hi, I am trying to secure our first property. We have looked at several and put in offers on two. We are currently in negotiation with one deal. The house is 2306sq/ft blt in 1975. its in good shape, but could use updating and remodeling due to funky layout.
it was listed at 189,500. ARV should be around 230,000 or more if we can put about $50k in repairs/reno into it. We want to do a live in flip situation and refinance once the repairs are done, to pull money out and repeat on a new deal.
Our first offer was 145k. They did not counter. We worked our way to 160k, and at that point they countered at 183,000.
The house has been on the market for almost 90days, and no offers.
What should be my next move/counter?
Hey @Corie Carpentier ,
Consider how to get the seller to throw in additional concessions that give you more value than they lose. Maybe they'll pay closing costs or offer repair credits.
Sounds like they are not super motivated to sell though and you are getting a bit 'deal horny'. Don't fall in love with the deal. Find your walk away point with the numbers. Trust the numbers and don't force them.
In similar situations I let it go, tell the seller my last offer stands then let it sit for another month or six weeks before sending them a revised offer and re-engaging with them.
Good luck, trust the numbers, they won't lead you astray but your emotions will.
Hey @Josh Stack ,
Thanks for the input and advice. Yeah they dont seem to motivated to sell as you would think for how long the house has been on the market and the fact that they have already moved and are still accruing property taxes and HOA fees every month. And maybe im slightly "deal horny", I am very anxious to get started. But I am willing to walk and let this one either come back later or find another one.