Updated over 10 years ago on .
Estate sale advice
Hey BP,
I have recently come across a potential opportunity to purchase four homes in an estate sale. The homes are listed on the mls at prices above market value and I wanted to get the advice of an experienced estate sale investor. The properties are out of state but I lived in the area for 5 years so I have some knowledge of the area. My plan is to either hold the properties for long term rentals or possibly "wholetail" them depending on what kind of financing I can pull together.
My biggest question would be what type of discount can I reasonably expect to get for buying all four properties instead of the seller having to sell them individually? The homes are already listed above marker so I'm not sure how motivated the sellers are. Below are the asking prices and my conservative estimated value (using comps and my limited real estate knowledge) that I think they can reasonably be sold at. The total asking price is $381,920 and I am considering offering around $260,000 with a max offer of $280,000. The homes will rent for between $700 and $1000.
1. Ask $89,980 value $80,000
2. Ask $99,980 value $83,000
3. Ask $99,980 value $85,000
4. Ask $91,000 value $75,000