This may be my first deal - need help with ARV

[Dottie W.]

Ok, so I might have my first deal.  The seller #1 is out of state and spouse lives in the home. #2 They are getting a divorce. #3 The house is fsbo & has been listed for 9 months. #4 She is "willing to work with me".  HELP ME!!! went to Zillow for the comp the zestimate was $41K cheaper than asking. So I tried to do a comp with recent homes and came up with $200k so the arv is $210k because its really turn key aside from cosmetics.  Then minus $6k for me, and the investor will profit $15k so I should offer her $179k right? I don't know if my numbers are right and I don't know if there is equity in the house (paid for).  If there is equity, what does this mean. And lastly, how do you close when the potential buyer is not local, shes in FL and the soon to be ex hubby is in the home? None of my books break this down. Please advise and thank you.  I told her I will call her tomorrow Friday 03/2/15.

[Dottie W.]

Well people, the real estate agent finally emailed me this morning saying she thinks the asking price of $232,000 is about right and that she couldn't find ANY comps. REALLY LADY??? 11 houses have sold after this house went on the market and has been sitting there for 9 months. Houses nicer, new, bigger, older, smaller and the same. I found comps that were listed on the MLS but she couldn't.....because she didn't run any comps. Why can't people just be honest? Just say you didn't have time. all I could say is ok and thanks for your time. Some of you may feel like she is telling me the truth, I would agree if I hadn't previously spoken to a different agent that had a different answer. I'm going to call this home owner back on Monday morning and offer her $180,000. If she says ok, I will shop for a buy and hold buyer that wants an move in ready deal. If I can't find one, i will see if she wants to do owners financing. if not, this will be A good lesson learned!