Updated over 11 years ago on . Most recent reply
Update on "Making Offers on Property Sight Unseen"
Hello!
I tried to post a quick reply on my original thread, but it kept highlighting my words, so I had to start a new topic.
Well, the seller (the wife) called me this morning, saying that they are ready to lower their price. I did my due diligence (again) and ran the numbers on the property. Now, that I have spoken with my buyer, I know that he would buy this property at 70% even though it is an undesirable 2/1. The ARV has changed (depreciated by $10,000) on Redfin (which gave really accurate comps-I could not find any others within 1 mile). Zillow, however, had its' "Zestimate" a lot higher! Now, I know that Zillow can be wrong, and I have done my own research, so I will go with that. The home now has an ARV of $87,166 based on comps in the area. One home in particular that is very close, just sold 2 months ago, for $87K. So, this has me wondering(fear-again), will the owners be offended if I offer $41,016? This is based on the 70% formula of course. Again, they have done their own renovations in the home. It is rental ready. However, the backyard is another story. Needs reseeding, landscaping etc.., Sorry this is so long...I really would love to hear from the seasoned investors on BP! Thank you (again) for the help!