All Forum Posts by: Bryan M.

Hello. I've been through hell and back with my latest flip. Purchased it a year ago and went through a major renovation (added 2 bedrooms and a completely new bath for example). Come to the end of the project 2 days after carpet was installed in the basement we have a ton of rain and the existing waterproofing system fails and floods the basement. To keep this short, I'll just say this wasn't the last flood. After multiple attempts to repair the existing system I finally called out JES, a waterproofing company, who installed a $7,500 drainage system under the foundation. With Servpro and JES the latest flood cost almost $12,000. 

With all the time and added expense (I also needed to put in a  new septic during the renovations) I needed to unload the thing and move on. I dropped the price to about tax assessment and had an offer a few days later. This was a verbal offer that I decided to just accept without a counter. The buyers agent was supposed to write it up once we accepted but the buyers decided to bail. I'm told, technically a verbal offer is binding but no one can prove it so there's no use in fighting. 

Now we come to this past weekend. I received 2 offers and decide to counter the higher bidder. This was done on paper. The buyer did not accept my counter and said they were "sticking with the original offer". Seeing as I'm completely fed up with this house and am losing money daily I agree to their original offer and sign the contract. The next day the buyers agent calls my agent and says the, "buyers thought about it and they no longer wish to purchase the property" and they don't owe me the EMD.

I told my agent to let them know I'm going to sue them to preform and it's been radio silent since. 

So, my question is....Anyone have any experience with buyers bailing? Should I hold them to purchasing the house or just go after the EMD? Any strategy to prevent this kind of thing?

Sorry for the long post. I needed to explain the situation. 

Thanks for the help!

Thank you for your replies. 

There is no tax issue. I own the house with deed in hand. This all came through probate and the estate is closed. 

I'm only looking for an as is value so I can accurately determine what the difference is between the value now and the ARV. If I had purchased the property I would know how much it's worth - the amount I paid. Like any project you take on you need a plan and I need my plan to include an accurate value as if I purchased it.

A CMA would not doing any good because this home needs a total interior reno in a neighborhood that's all updated. There are no homes that have recently sold in the same condition.

I'm looking for value as is. I have my real estate agent working on the ARV. I need a value to determine my budget.

I was recently gifted a home through a family member that needs a complete interior rehab....great bones but needs updating. To determine my budget I need to find what it's worth "as is". This property hasn't been on the market in decades. Should I go with a full appraisal for $300 or a BPO which would be cheaper, not sure on how much cheaper yet. I guess my question is....is it worth it to spend a little extra money to get an exact valuation or spend less and get just a rough estimate? Thanks!

Thank you for the advice.

I am looking for a mentor to help me start my own real estate investment business. I currently reside in Oldsmar, Florida and want to work in Pinellas County. Thank you for any help you can provide.

I recently joined this site and am in the research phase of starting my real estate investment business. I started thinking I wanted to jump into flipping homes, however, after reading many articles on this site it seems like I should start out wholesaling. I have fair-good credit and not too much money of my own to invest with. Should I build capital with wholesales and then enter the flipping arena? Another question, should I create an LLC ASAP or should that wait? I am also currently looking for a mentor, but my local investment club is not having meetings (they lost the Perkins where they held meetings and are looking for a new venue).

Nope. That's not me.

Hello everyone! My name is Bryan and about a month ago I decided to follow my dream of flipping homes. I am 26 years old and live in Pinellas County, Florida. Since the decision to follow my dream I have spent most of my free time after work researching the business. I have also read the book FLIP. I am looking to find as much advice as I can before I move to the next step. If anyone is familiar with my area please let me know I would love to pick your brain. Any advice would be highly appreciated. Thanks!