Have a guy that wants to sell - extremely motivated - next step?

Question

It's been about a week since I decided I wanted to get into real estate. I have done due diligence on every aspect of wholesaling. I actually have a guy that's very motivated to sell me his house. He sounds almost desperate.

I went to "www.findcompsnow.com" to see the value and it says it's valued at $111,225. (Is this reliable?) He is current on payments and wants $28,600. Should I check it out and get it under contract?

And if this is something to pull the trigger on, does anyone know any potential buyers in Indianapolis and a good closing company?

I appreciate any insight in advance. Thanks guys.

Daniel

Shawn Holsapple · Answer

@Daniel Mieldazis congrats on finding your first potential deal so quick!

@Mike D'Arrigo is correct about the automated estimates or comps.  I would suggest looking at zillow to see what other homes his neighborhood are listed at and what they've sold at [don't bother with looking at the "Zestimate"].

As far finding a buyer, you've already got that done too!  I'll take anything, anywhere, any price range and any condition in the 9 counties surrounding Indy Metro [provided it is a solid deal].

In the mean time, shoot me the address and I'll run a quick CMA for you from the MLS.

Daniel Mieldazis · Answer

Thanks for the insight Phil! Good to know.

Phil Z. · Answer

For the most part, it's impossible for software to factor repair costs or condition.  You really need mls access ..

Daniel Mieldazis · Answer

Thanks for getting with me guys.

Doesn't look like this one will work out, but we'll see what happens. I wouldn't be surprised if I got a call back in the next day or two. I'll be sure to keep you in the pipeline for any future deals I find though.

Mike D'Arrigo · Answer

@Daniel Mieldazis Congratulations on possibly finding your first deal so quickly. I never put much stock in the automated valuation tools but it sounds like you could have a big enough spread where it could still work. If you want to tell me the general neighborhood, I might be able to get an idea of whether it's in the ballpark.  Also, if you'll be wholesaling in Indy, be sure to put me on your list.

Good luck,

Mike

Erin Weiss · Answer

Message me @Daniel Mieldazis !

Have a guy that wants to sell - extremely motivated - next step?

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