First Deal Negotation Advice

[Corie Carpentier]

Hi, I am trying to secure our first property. We have looked at several and put in offers on two. We are currently in negotiation with one deal. The house is 2306sq/ft blt in 1975. its in good shape, but could use updating and remodeling due to funky layout.

it was listed at 189,500. ARV should be around 230,000 or more if we can put about $50k in repairs/reno into it. We want to do a live in flip situation and refinance once the repairs are done, to pull money out and repeat on a new deal.

Our first offer was 145k. They did not counter. We worked our way to 160k, and at that point they countered at 183,000.

The house has been on the market for almost 90days, and no offers. 

What should be my next move/counter?