Duplex offer

[Oscar Turner]

Hi  all, I have 2 questions. 1. I recently put in an offer on a duplex. The house was on the market 6 months and the price was reduced a month ago from 140k to 130k. I put in a offer at 136k and was told by text that the offer was declined and the seller had another offer significantly higher than mines.  So is it normal for a house to be non active and received offers "significantly' higher out of the blue. My second question is Im looking to buy a duplex 3/2 and 3/2. Rents will be $2100 total.  What price should I stop at when looking for a duplex with $2100 rents in order to get a profit out of the deal.  Im expecting to put 20 percent down. Im just trying to see where to start with my price point.  flood insurance is about $500 a year in my area.

[Kimberly Jones]

If it is the one on Copernicus then I can tell you why it has likely been on the market so long. It looks to me like the current owner is in trouble because they are selling for less than they paid not quite 4 years ago. I am guessing they are just trying to get the lender paid so they can walk. In other words, there just isn't any room to be able to entertain low offers.

I don't buy on the Westbank either but I have sold a good number of REOs down there. I don't know values like I do on this side of the river BUT I do know properties are hard to move in certain areas of the WB. I can fully understand this one being on the market 6 months. I have seen some kick *** deals sit so long I almost took them on myself, but I just don't have any desire to cross that bridge, no matter how good the deal is.