How much should I offer?!
I'm in contact with a seller. It's an off market property, and the comps put the house at roughly 370k-390k retail price. The absentee owner has 54% equity. Monthly payments around $3,000. Total assessment for 2012 is 267k. It's a nice area, pool, 2 car garage, 5/3, 2,925 sq ft with selling at about $170/sq ft.
No rehab necessary just simple cosmetic updating. Wondering how much I should offer if I'm paying closing costs as well? I feel like maybe 230-240k? 390k x 70%- closing costs - 6% agent fee - holding cost of maybe 1-3 months?