After inheriting quite a bit of rental properties (both commercial and multifamily), my brother and I have decided to sell the family home that my parents bought in 1962. So I spent the past 3 months or so, having a huge estate sale and then still going through more stuff in the house (I couldn't believe how much "stuff" was in the cupboards). I finally got over the emotional distress of selling this house and it went on the market last Tuesday. As of right now, we had two offers that were lower than we had hoped. One offer from a family that lived near there and wanted to move right in. The other offer is from investors and higher. $950k, we countered to both for 1 million. Appraised at 1.1. Anyways, the family backed off. After emptying the house, I realized that it really needs tons of work. Although my folks made this a beautiful unique home, they did that over 30 years ago. It not only has a lot of repairs needed, it really needs to be updated.

So the investors came back at 960k. My agent thinks we really should take the 960 since it does need the work, and he is afraid that if wait too long, the investors will back off and we may not get an offer that high?

Just wondering, should we go back and counter at $975k? That's what my brother wants to do. Me? I would probably take the 960K. I am ready to see it sold. Plus with the inheritance, we got a negative bank account, due to our sister keeping all the cash for herself. I'm ready to put the money into some of the neglected buildings we have now, and then clearing up my credit and purchasing more multifamily properties.

And, by the way, we are selling it as is. We only have a $50k mortgage on this property, all the other properties are paid for, Thank you dad! RIP

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How do you kmow if its the right offer?

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