Wholesale Buying Strategy: Owner Wants More Than Property Worth

[Ray Eason]

Hello and good afternoon everyone.

I'm in California and have a seller who wants a bit more for their property than it's seemingly worth.

The proper is worth $67,512 the seller wants $90,000, and has a loan of $20,000 on the home. The lot size is 5,967 sq ft, it's an older home built in 1937 and days on market is about 71 days.

It is currently listed with a Real Estate agent but the listing comes to an end the beginning of next month.

The only benefit I can see to offset her asking price is that the property is zoned for building 3 properties on the lot.

I am looking to wholesale/quickturn the property to my list of buyers.

What are some strategies I could use to either get the seller to come down on her price (she has already come down from $95.000 to $90.000 when I asked her) and how might other investors or cash buyers look at this deal?

I look forward to your comments and feedback.

Ray

[Ned Carey]

You said it is zoned for 3 lots. Have you included that value in your calculation? If not you may be the one undervaluing the property not the seller. 

With the possible exception of the above, clearly the seller is not motivated. I wouldn't waste my time. 

Ray your profile says "just starting." You are making a common mistake of new investors; trying to make a deal out of something that is clearly not a deal.  There are probably 10,000+ houses for sale within an hour or two of you. Why are you focusing on this one?

Make an offer that makes sense to you, then move on.