Take a low ball cash offer on a flip (still profitable) or wait
Rehab is completed on a flip and has been on the market at the current list price for 6 days. Received a cash offer that will close in 2 weeks. List price is $625K and the offer is at $580K. Obviously a low ball because comps show $625K-650K. The cash offer is enticing and closing quickly would be great so I can move on to the next project, but it cuts my profit over 60%. Profit at $625K sale price would have been around $70K and at the current offer profit is about $26K.
I will still send a counter, but if I don't get it accepted would you consider accepting at the current offer price of $580K to move on? Last thing I want to do is reject this offer and then be stuck having to lower the price over the next few weeks and end up where I am currently, prolonging the inevitable...
Thanks in advance