What price do I sell at?

Question

I just completed a flip property and put up for sale for $179,900 and got a ton of interest in the first 48 hours and an offer for 182k with 3% sellers assist coming to $176,540. I put more into it than I wanted and want to maximize my profit. Should I wait a few days to see if better offers come or jump on the offer I have now. The offer was presented this morning.

Aaron K. · Answer

That is a pretty good offer, consider your holding costs if you are like everyone else it is probably $50-$100 per day if you wait two weeks you need an offer $1,400 higher, which puts you at $1k under list which I think is being optimistic in this market if your property sits for that long.  What you paid for the house is irrelevant, at this point your only goal is to sell it for as much money as you can, don't try to squeeze more money out if it isn't supported.

Fred Shatzoff · Answer

First offer is usually the best. With the state of economy take it and close as quick as you can.

Greg Dickerson · Answer

It all depends on how many actual showings you had, the other terms in the offer and continued interest. You should definitely counter to get the net up to asking as I am sure they are expecting you to do.

Michael Noto · Answer

Tell the current offer that given the interest you have in the home you will need them to come up to full asking price at least (net to you) to take the property off the market and accept their offer. Try and squeeze a little bit of extra money out of them because a low money down buyer will likely have some inspection and/or credit requests to deal with also.

Russell Brazil · Answer

List on Wed or Thursday, offers due Tuesday.

Shane Ward · Answer

@Aaron K. Thank you Aaron. I was leaning that way. The traction was amazing and threw me for a minute. I didn’t know if others where having the same issue. Thanks

Shane Ward · Answer

@Fred Shatzoff thank you Fred. I feel like you are watching over me. You helped me out about a yr ago with advice on some refinancing issues I was having. You talked to me for about an hour. I really appreciated that. Everything has worked out so far so I’ll take your advice again. Thanks again.

What price do I sell at?

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