HELP! Can I do this deal???

7 Replies

I have a seller that contacted me yesterday thru my website looking to get rid of her property because she was recently married. It can be a killer deal but the only problem it's is for sale on Zillow so I'm assuming she has a RE agent. (It's been listed for 222 days) I can get it for less than listed but before I put any real time into this deal I just need to know if I will be able to wholesale this deal still? Or even if the seller can still sell it FSBO?

@Anthony Bell

You just need to back into an offer. 

You can list on Zillow without being on MLS. So it may or may not be listed. Either way though...

  • Find some accurate comps to figure out your ARV
  • Review what repairs cost of remodel will be. This is the trickiest part- you may want to seek help from a local mentor who may be wiling to walk you through it. 
  • Back out your wholesale fee

Flippers normally want properties at 70% of ARV less repairs

So if the ARV based on accurate comps is 100k and it needs 10k in work.....and you'd like to make 2k....

Your offer would be $58,000. 

Don't get caught up in the excitement of making a deal happen. Find solid numbers that wrok- and see if the deal can hit those numbers. If not- it's not a deal. 

Thank you!

By back into the offer what do you mean?

And if she does tell me that she has a realtor would I be able to do the deal still? 

I'm not looking to sell to a flipper. I'm looking to sell to someone looking to add to their rental portfolio. I actually have buyers already I just need to know if I will be able to persue this deal if the seller has an agent. 

@Anthony Bell

Yes, if it's listed with an agent, you can still make an offer. However, it will be harder as you're trying to get the property at the lowest price while the agent is looking after their client and trying to get the highest price. The agent may also ask for sizable earnest money deposit and POF.

As  @Natalie Kolodij mentioned, you have to back into your offer price and she outlined it above. For sure, if's it's been on the market for 222 days, it's not a killer deal at the current price.

Good luck!

- Tom


As  @Natalie Kolodij mentioned, you have to back into your offer price and she outlined it above. For sure, if's it's been on the market for 222 days, it's not a killer deal at the current price.

Good luck!

- Tom

I was just thinking about the DOM also- If she's willing to spend money on it every month even though she's no longer living in the house- I bet she owes too much to sell it for any thing under her asking price. 

See if you can figure out what she owes on the house. 

She's trying to desperately sell the property. I spoke with her on my lunch break and she said she's willing to take 15,000 (13k cheaper) but said she's open to offers. I don't think it'd be a good flip but definitely good for a rental. I have pics of the property but I need to get in with my contractor to estimate repairs. 

Seems to me that you like the property quite a bit. It's might be worth to buy and hold, rent it out. As long as all the numbers make sense

Hope you get this deal. Keep us posted Anthony Bell want to know how it plays out.

Join the Largest Real Estate Investing Community

Basic membership is free, forever.