Need some expert advice because I'm threading in unfamiliar waters. Came across a property to purchase at a wholesale price from seller but there is fire damage in one of the bedrooms. Looks to be from an old outlet or something. I didn't have a contractor or anyone inspect it yet and property is being sold as is. what are some strategies I can use to talk the sell down a couple thousand in case there is a bigger issue that I will uncover later. please Help
Investors will want to be on the safe side when dealing with fire damage repairs. You already said it, tell them there could be bigger issues that you will find when you start the repairs (opening walls/floors) and that it will have to be brought up to code etc etc so you have to consider this in your repair budget. and remind them not many people will want to buy the property considering the damage. You can also try fear of loss with them example well after looking at the property I'm not sure my partner will be interested because we have taken a beating on fire damage properties in the past but just to be fair to you what is the lowest price you would consider if I was able to pay you all cash, cover all the closing fees, and close quickly? what ever price they give ($20k example) say OH! and wait a couple seconds then say $20k... is that the best you can do?
Not an expert and this is just a thought Good Luck-Sam
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