All Forum Posts by: Kimberly Martin

@Bryan L. No, they did not want to list with a realtor. They just want to be rid of it.

It just occurred to me that it might be helpful to provide a link to the original post! http://www.biggerpockets.com/forums/93/topics/126655-making-offers-on-property-sight-unseen

Hello!

I tried to post a quick reply on my original thread, but it kept highlighting my words, so I had to start a new topic.

Well, the seller (the wife) called me this morning, saying that they are ready to lower their price. I did my due diligence (again) and ran the numbers on the property. Now, that I have spoken with my buyer, I know that he would buy this property at 70% even though it is an undesirable 2/1. The ARV has changed (depreciated by $10,000) on Redfin (which gave really accurate comps-I could not find any others within 1 mile). Zillow, however, had its' "Zestimate" a lot higher! Now, I know that Zillow can be wrong, and I have done my own research, so I will go with that. The home now has an ARV of $87,166 based on comps in the area. One home in particular that is very close, just sold 2 months ago, for $87K. So, this has me wondering(fear-again), will the owners be offended if I offer $41,016? This is based on the 70% formula of course. Again, they have done their own renovations in the home. It is rental ready. However, the backyard is another story. Needs reseeding, landscaping etc.., Sorry this is so long...I really would love to hear from the seasoned investors on BP! Thank you (again) for the help!

@Bryan L. Thank you Bryan. I have been thinking about getting my license, realizing the benefits of collecting a commission even if I do not get to wholesale it. This seller was thouroughly against listing her home with a realtor, but I am sure there are others out there that are open to this in my market.

@Mike M. & @Rolanda Eldridge Thank you both for your replies. I guess I will just chalk this up as a learning experience! In speaking with my mentor/buyer, I now know what constitutes as undesirable property for most investors in my market(like this 2/1). I will keep plugging away! There have to be sellers out there who need to sell!

@Steve Babiak You're right! In speaking with my mentor, he says that "everybody has their hand out at closings!" And, that closing costs can run up to 5K!

@Casey Carroll Thank you! The sellers actually did say (before the appt) that someone had offered them some sub2 and lease/option terms, but they were not at all interested, and wanted cash! I really need to learn about these 2 exit strategies a bit more. I have been watching Wendy Pattons' videos on Youtube and have also read her e-book, but do not have the confidence (yet) to offer this to a potential seller.

Thank You to all who replied! This newbie really needed the help! :)

@Jerry W.

@Account Closed

@James Wise

@Casey Carroll Well, hello! I just wanted to give an update on my meeting (my 1st!) with the sellers. Took more pics of the home, developed some rapport, firm handshakes etc.., then got down to price. The husband has some sentimental value in the home. They have put A LOT of upgrades into such a small house. It is rental ready inside, but the back outside needs to be re-seeded and cleaned up. They said they received an offer of $75k and refused it. So, thinking that maybe my buy/hold buyer may pay more because it is rental ready, I asked what was the best they could do. They said 88k. I told them, I would run it by my " mentor/partner" and let them know by tonight. So, seasoned investors, what do you think? This is a great property, I might make 3-5k flipping the contract? I know my buyer well enough to discuss this, so please let me know what you think. Be gentle, if you think I should just forget about this. That it is a crappy deal, please let me know why. Again, thank you for any and all help! :)

@James Wise

@Account Closed Thank you both for the advice! I realize now that this is as much about getting the practice in talking to as many sellers as I can, as it is also about making offers as often as I can (it's a numbers game, after all, right?) So I will look at it this way and "go for it!"

.......and also, thank you for the vote James!:)

@Jerry W. Thank You Jerry, I did establish (over the phone today, when I re-confirmed our appt) that she would like cash. She has had a few offers, one offering a cabin trade and another creative financing, both of which, she turned down. She just wants to be rid of it! I will be asking her tomorrow if her price is "the best she can do." It is my first time negotiating a deal, so we will see what happens! Thank you again, for the help!

@James Wise

@Account Closed Thank you both for the advice! I realize now that this is as much about getting the practice in talking to as many sellers as I can, as it is also about making offers as often as I can (it's a numbers game, after all, right?) So I will look at it this way and "go for it!"

.......and also, thank you for the vote James!:)

@Account Closed Thank you, I will keep you advice in mind. I remember reading in one of sharon vornholt's articles on talking to sellers and she says to ask a seller "what would it take for them to unload the property, to be rid of this headache?" I may use this in the future, over the phone to pre-screen motivated sellers. It certainly makes more sense, then wasting precious time.

@James Wise Thank you, James, I was actually going to tell the seller at our meeting on Saturday, that I have to make my offer based on repairs. Good idea? on no?