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Updated almost 9 years ago,

User Stats

38
Posts
16
Votes
Jonathan David
  • Attorney
  • Portage, MI
16
Votes |
38
Posts

what would you do?

Jonathan David
  • Attorney
  • Portage, MI
Posted

Under contract on a flip for 128K.  Appraised at 120k using an incomprehensibly stupid comp (compared a 2 story to a tiny shack cape cod that was almost half the price, only gave a 3k adjustment).  REaltor says it's not worth the time to fight it and buyer will walk because he's in a hurry.  

My ARV when buying was estimated at 120k, but I'm about 7k over budget because we finished the basement, added a furnace, water heater, and nice finishes and things that I thought would put us toward the top of price bracket. At 128K, I am at 100 bucks per square foot. The house across the street just went for that though not improved. One behind me just went under contract at 130 bucks per square foot though not as nice and has no yard. One comp just sold for 131500, another for 126 900, some fixers are listed at 122000, and 119,000. If I may humbly say, my house has nicer finishes than all the above. Just about every house in my area goes for at least 100 bucks per foot, even some REOs are listed at that. We had a flurry of showings. Should I just stick to my guns and kill the deal over 6k (not a small amount of money to me), or just take the loss? Thanks

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