Wholesale Deal...Help analyzing

[Nicole Starnes]

I have a property under contract. I thought it was a good deal and the numbers were decent, however it's not selling. Here's the specs

4 bedroom / 3 bath. The seller added another room on the back so it's got a bonus room. 

1774 sq ft. 

Built in 1963

Asking 75k

ARV: Between 120k and 130k

Repairs: Furnace needs checked. Seller got a $1500. estimate on it. The electric panel needs updated and some outlets fixed, and the hardwoods throughout need redone. 

She owes 50k on her mortgage and wants some moving money so we don't have much room to play around but I was almost sure that the 75k pp was a decent deal. 

Can someone let me know what it seems like I'm missing? The pics are good. They show a normal good looking house. No major repairs. I can provide additional info if I've left anything out.

[Lou Castillo]

My advice is never start from the place of what the Seller is asking or how much they owe. Always start from what the house is worth to you. You have to know your top price before you can even start negotiating.

What I mean is this...suppose the top price you can pay for the property is $55k. Does it really matter how much she wants for moving money? You can't pay it. So ether she comes down to your price or you are not a solution for her. If she is motivated and has no other offers, she'll accept. If she has a better solution or time to wait...she will. So what? You don't want a house under contract for which you paid too much.

I have a Deal analyzer that I use and I would be willing ot share. Just write to me at [email protected]