I Missed Out On Killer Wholesale Deal

[Justin Westmoreland]

Hey BP, I think I might of missed out on a nice wholesale deal because I was to slow on estimating the repair costs. I went to see the property, took notes and pictures of the property and my intentions were to go home and estimate the repair costs. By the time I got home the seller texted me and said "we accepted another buyers offer".  I wasn't knowledgable and confident enough to give a offer on the spot and I lost out. The other buyer offered her $451,000, this is what she says. I think I missed out on at least a $15k assignment fee. I think it would need new kitchens, new bathrooms, central air installed, rewire electric, new plumbing for the bathrooms. Its Oil baseboard heat probably needs to switched over to gas. New windows there are 27 of them, new garage door and new exterior on the garage and of course painting the inside and new appliances. 

What do you think the repair cost would be? Here's the numbers:

4 Beds 2/1 Baths

2900 Sq/ft In Brywn PA

ARV: $887,000

Purchase Price: $451,000

Est Repair Value: ???

Bedroom 1

Master Bedroom

Master Bathroom 

Bedroom 3

Full Bath 

Living Room

Dining Room 

Kitchen 

Living Area

Bedroom 4

Half Bath

Basement

Basement

[Walter Roby jr]

I would do a rough estimate and get the deal under contract contingent upon inspection. At that time, then you bring in your contractor/inspector/buyer and let them give a better estimate. If you need to revise your offer just be up front and honest and let the sellers know as soon as possible so they can make adjustments or decisions for themselves. Don't assume they will be mad.

If your revised price does not work out for them then both parties know it before getting further invested in money and time.

Good luck