Updated over 5 years ago on . Most recent reply
Thoughts on this deal?
Potential ARV: $260,000.00 - Pulled from three comps that sold within the past few months
Seller wants $93,000.00
Repairs: From her description, she says tenants treated it like crap. The property is in complete distress. Literally textbook for a wholesale deal. As of right now possibly looking at a full gut renovation. Possibly $100,000 or more. Also when I went to take a look this morning, there were two abandoned cars as well as a possible indication of a squatter. What should I do about this situation?
So I mentioned that the seller wants $93,000. She came up with this figure because she just wants the value of the land which is 5 acres. I checked the property records, and she's right but here's the thing about that. The land itself is actually worth $50,000. The house itself is valued to be around $43,000 which explains why it comes out to $93,000. I feel like I should educate her by explaining how the land itself is only $50,000 which is correct when I look at land comps in the area. Should I use this as leverage when I negotiate? Anything we should be aware of in this particular scenario? Any insight is appreciated, Thank you.