Flipping the House Next Door
One of my next door neighbors passed away a while back. In speaking with another neighbor the other day, I learned that the next of kin were looking to sell the house.
Perfect lead!
My neighbor's concern was that the family would take a low-ball offer just to sell it quick- our modus operandi. The reason it concerned him was that it would affect our own property values.
So I ask you all, would you make a 70% offer on the house next door, despite the hit your own home value could take?
Most Popular Reply
If indeed the heirs are going to accept a low ball offer, then the property value will be affected regardless of who buys it. Might as well be you that gets the deal.....to compensate for your hit your home's lowered property value. :)
In general, it takes more than one significantly lower comp to affect value. So I'd tell the neighbor not to worry. It's funny how that works, isn't it? We need the best deal when we buy (without regard for property value), but when our neighbor sells we need to them sell for top dollar...cause it's all about property values.