Is this property a good deal? NJ

[Robert C.]

Good Evening all,

Im just starting in this business as a wholesaler. I was contacted by an individual who just inherited a house. Its a bungalow and the house itself is roughly 25x25. Yes, small, I know lol. I saw it today and it either needs to be completely gutted or its just a knock down. Im unsure of how to determine this? The individual has a asking price of $90000. She said that a realtor told her thats how much is worth and that the worth is mostly in the land. I did some research and found that the land is assessed at $73300. Furthermore, I believe this house is in a flood zone. It may need to be raised. Is there any deal to be had here if I could get her down on the price? I believe that a house in tip-top shape in that neighborhood could go for $150000.

[Ned Carey]

Originally posted by @Robert C.:

What would make my house a deal specifically?

The right price. You haven't given us enough information to help you determine that. Use this as a learning experience and practice for evaluating a deal. From what you said I might be offering closer to $10-20K.

The fact she is asking $90k is irrelevant. often buyers ask much more and then come down when they realize that is all thy are going to get. I had a woman ask $250K and we would up at $20K. you have no control over what she will accept but you have total control over what you offer. Offer what makes sense for you.