Wholesaler · Newark, NJ · Member since 2018 · 30 posts · 8 votes
Good afternoon BP, I have talked with a seller and he hasn't given an asking price on the property. He wants me to give him an estimate because the offer has has received are low ball offers. The property needs finish work hvav,electric floors, garage but I don't know how much to start the bid. He also hasn't agreed to meet at the property for an initial walk either. I was thinking of offer his initial purchprice just get him talking more about want he wants for the property any ideas?
So what. Your offer shouldn't be based on the AP anyway. Your offer should be based on the maximum offer your analysis allows within the PV that is determined from your market analysis. If that's too low for the seller, then the property isn't a deal for you, and you should walk away to the next property.
So what. Your offer shouldn't be based on the AP anyway. Your offer should be based on the maximum offer your analysis allows within the PV that is determined from your market analysis. If that's too low for the seller, then the property isn't a deal for you, and you should walk away to the next property.
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You only need to know a Seller's situation, insofar as to attempt to create an offer or situation which will better meet their needs (i.e. creative real estate). But, even so, you should do your underwriting/analysis to determine an offer that works for YOU and YOUR plans. When a seller receives multiple lowball offers, that may be because those offers represent the current value and the seller may have unrealistic expectations (referring to them as "lowball"). But, you don't have to take on their unrealistic expectations, unless you run a charity.
One of the most successful RE investors I know, would figure out his highest offer price and stick to it, without wavering. He developed a reputation for always throwing out his highest, and when he would buy through the same agents, they knew not to counter and became his advocates to the seller.
Bottom line - If you're trying to get a "deal," you need to decide at what price it is a "deal" to you, present it to the seller, and move on. There are too many potential deals to spend time on one, which is most likely not going anywhere.
That just about covers it. I too only make one offer...my best. I don't negotiate...I just walk away. I don't want to buy properties, I want to invest in deals. Huge difference.
Good afternoon BP, I have talked with a seller and he hasn't given an asking price on the property. He wants me to give him an estimate because the offer has has received are low ball offers. The property needs finish work hvav,electric floors, garage but I don't know how much to start the bid. He also hasn't agreed to meet at the property for an initial walk either. I was thinking of offer his initial purchprice just get him talking more about want he wants for the property any ideas?
Wait a second..
Why are so many of you bashing the seller? Wouldn't YOU do the same?
Besides.. isn't that what most of your websites say?
"WE will give you an offer in 24 hours?"
I am seriously shocked to read these responses. Am I missing something?
While so many of you bash the seller, I think this is a smart dude and doesn't take lowball offer crap from most you investors out there.
You ALL need to understand ONE simply concept and get this through your thick skull.
You are there to offer a SERVICE to them. They are your clients. YOU are supposed to help THEM. It is like you are trying to scam people and when they are too smart to fall for your scams you all get upset and bash the seller.
Tsk tsk!
Now that I set you straight.. listen up. Let uncle Noorden teach you how you play this game.,
IT IS IRRELEVANT WHAT THE SELLER WANTS.
If you need to know how much they are selling, or what their ideal asking price is, you don't understand a thing about being a cash buyer.
You make the HIGHEST offer you are willing to make them, and only focus on what your minimum profit is.
I have bought houses for 10 dollars... I coul doffer more sure, but I didn't WANT that house. I told them NO, not interested... so he gave us the house. Big difference.
You need to not be lazy, do your homework, find the ARV, find the Cost of repairs, do your due diligence and make them a fair offer that works for YOU! I don't give a crap what the seller wants. If you are hoping they let you know first what theywant, you are pretty much hoping their offer is lower than what you have in your head.. you are a manipulating prick, and don't deserve to be in this business.
RUN a business, don't run a scam.
If you ar eintereste din running a business you will have your systems in place and if you have, its all on the systems.. not with the seller.
Get it?
Gadamnit Biggerpockets. WTH is wrong with you all.
Stop listeing to these damn podcasts or gurus and use comon sense.
As usual, yes. You arrogance blinds you to anything approaching reality.....
OK then what am I missing?
Enlighten me. Better yet. If you ever wanted to sell your hous ein a hurry, wouldn't you not demand them to make you an offer first AS THEY PROMISED?
Yes or no. Answer me that question, JUST that question.
You probbaly will just beat around the bush as always.
Dude, listen...
I don't think it is arrogance what the issue is. the issue is that you just can't be wrong in public. It is always a popularity contest with you. Your "arrogance" comment is simply designed to have a ton of people voting for you, in public so you feel in some reason accomplished. Let them vote. 200 clowns voting on the same idea doesn't make that idea a good one.
How was any of my writing response "arrogant"? It was simply honest, and truthful. Your aggressive response and calling the seller an "idiot" because he is smarter then you and sees through the crap most investors pull, is no reason to call him an idiot. You DO see that right?
I have nothing against you. Not a thing. In fact after writing this post I don't even know/remember you exist. Why are you so invested in me dude. Move on. I am not getting back together with you. It was an abusive relationship. See that? A joke.. Irt's a funny! H-A H-A H-A Smile. Laugh. Tis the season.
Relaxxxxx, chill... not a big deal. Move on. What you said was wrong. Period. live with it. Are you going to attack every single person that proves you wrong? Would be a sad life. We good? Good!
I guy I use to work with was great at these scenarios. He would talk to them for a bit and get it know them. Then as if he wasn’t the person making the offer he would say something like “so I see some recent houses selling here for around $100k but they don’t need as much work as this one, if someone were to offer you $60k is that something you would consider”
A lot of times the seller would respond with some kind of comment that would let you know if you where in the ball park.
You need to give your best offer as per your analysis and investment goal.
Get in touch with a local agent or investor and shorten your learning curve and save you a lot of headaches as they tend to understand the market better.
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