Updated over 5 years ago on . Most recent reply
Agent doesn’t want to “lowball”
So I found a property that has SERIOUS potential. The duplex is owned by an elderly couple, both of which were moved into a home and this is an estate sale. Asking price is $27,900 and assessed value is $19,800. The house will need one new electrical panel, a tub surround, carpets, and paint. Im estimating around $2000 in renovations (I’m an electrician and have a friend who does hvac plumbing so it’s mostly material cost. My real estate agent is being reluctant to make an offer below assessed value and i don’t understand why. The owners already accepted an offer and financing fell through so I’m up to bat but I want this to be my game and I’m just at a cross roads with a non-aggressive agent and me who just wants to get a killer deal. Any opinions? Rent roll after renovations will be about $550/unit, taxes are approximately $800/year. I have a preapproval from the bank and I’m thinking I can get this place for less than $7,000 upfront, out of pocket. Trying to make an offer today, let me hear some opinions!!
Most Popular Reply
@Thomas Ingrao find a new agent, theres plenty out there, key is to find a good one. Nothing wrong with making an "aggressive offer".