Seller not budging on price
Hey BP ,i know it's been a while since I was last on here, I been trying to get myself together. Well I just took my first step in wholesaling by sending out direct mail pieces and I received a call about 2-3 days after the letters went out so I thought I had a motivated seller on my hands.
The property been abandoned for as long as I can remember so I was sure the owner would want to get rid of it. The first phone call was basically the owner throwing out her set price which was $75k. Later in the conversation she said it need a full remodel which she priced at $90k. From just looking from the outside you can see it needs a lot of work so I asked her what she think the house is worth in it's current condition and she said $75k. I found out the house is only assessed at $30k and that the taxes haven't been paid in years. So the second phone call I shared the info I found about the property far as the current value of the house which is $30k. She basically said she had the assessment lowered but really wasn't saying why. She is firm about her $75k.
I would like some advice on how to get her on board about coming down on her price?
Most Popular Reply
I wouldn't mention the assessed value, they're useless. Figure out what the home is worth after it's repaired using comparable sales, back out the repairs it needs, leave some spread for yourself and let her know that is why it's worth what it is today. If you're still $45k apart then it's time to move on to the next one.