PLEASE Help with this Deal!

11 Replies

I have a seller in a Seller’s market who wants to sell his home for way over comps. He has owned the property as a rental for over 20 years and it is on almost an acre land. The challenge is it’s in an area where the avg lot is under .25 mi and the closest comps I can find are houses on way smaller lots. The house is in good condo but very outdated. Going to need full renovation upgrades. Asking $420,000 Comps: $320,000 THINK HE IS ASKING MORE FOR IT BECAUSE HE BUILT ALOT OF THE HOME HIMSELF. THANK YOU

Hey @Matt Pierce . You really can't force a deal when there isn't one. He wants $100k over comps so it doesn't sound like he's motivated in anyway that would lead him to want to sell his property to you at a discount. This is assuming that your goal is to wholesale this. Wish you the best of luck brother!

@Gabriel De Almeida thanks! I know there is no deal yet not even close! Lol. Just wanted to see if there are some negotiation tactics I might be missing. I already gave him an offer of less then half his asking and also shoes him comps, which also were completely updated and renovated. I think it’s a pride thing for him since he build most of the home himself. Just left it to him to call me as a back up offer. Of coarse his home is still just sitting there. Might this be a good sandwich lease option? Ty

I'll sell you all my real estate for 25% over it's value too.   As will his neighbors, and anyone else that you ask on this forum.     Why haven't you moved on?

I'm sure you can figure out a way to profit from this particular asset...but so many other tactics will yield you more on the "house next door".       

I've seen people make a living kicking dead horses, to my eyes it's not worth their time however.      

Tell the guy to save your number if he changes his mind, and check back with him in a few months.....The market will educate him IF HE REALLY WANTS TO SELL.

I mean I'm sure there are stories out there where people have somehow managed to bring someone from that kind of asking price down to an offer that actually makes sense but I think your time will be better spent invested in trying to find other motivated sellers. Keep him in your back pocket and reach out to him every other month or so just to follow up and see if his mind has changed.