Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 6 years ago,
Steal too good to be true?
I'd like to get some advice to see what anyone would do in my situation and if they would be cautious of red flags.
So I'm currently in business with my dad. 50-50 arrangement, we own 1 property so far and all has been going great. We've been looking to expand recently and he found a wild deal.
Place is a 1 bedroom condo, in a great area and seller is desperate. It's listed for 210K, my dad offered 75K and got accepted. He took a look around and said it needed a bit of work, but nothing more that 10-15 thousand. I said I still would like to get an inspector in, but he doesn't want to as he's closer to the person selling and fears that adding complexity to the deal would make the seller back out. I feel like this is unnecessary risk and there's no reason to not get a $300 inspection. If the seller really did back out because of an inspection, that's seems like a big red flag and they may be hiding something. On the otherside, if the place is really worth 210K, there's not many problems I could think of that would make 75K a bad deal.
Am I making too big a deal of this?