North NJ REO Deal Questionssss
I am looking to put an offer on a REO property in my town. However, the offer will be much less than the current list price, so I am skeptical about it being accepted.
List: $349900 (way to high in my opinion)
ARV: $375K
Sq ft.: 1688
Listed on MLS: Feb 20th 08 so around 60 DOM
The neighborhood is a good one & its a dead end street.
4 bedrooms 1.5 bath, attached garage.
Estimated repairs are 30k. Needs new paint throughout, refinish the hard wood floors, and new kitchen and bath.
I want to offer $250K which with estimated holding costs, closing costs repairs, and 5% commision comes to I believe 72% of ARV.
I believe I am being cautious with the ARV and it MAY be end up being higher but I rather be cautious than think I can get 400k and use those numbers...
My realtor doesn't wnat to give me to much advice on ARV...
I am in the Northern NJ area....
Any opinions?