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I was bird dogging today and I saw an off market estate sale. It is listed for 180k. That is the full market value of the house. The father passed away and the kids are selling the house. He said he has lots of offers and won’t budge on the price.
I did my analysis and the house as it stands is worth around 140k. It is very old and rough. It needs about 47k in repairs. Therefore, I discounted the house at 65% of 140k, so my offer was 90k.
He scoffed at my offer and said “we are not even in the same ball park”. Here is the thing, no sane investor will pay over 90k to fix this house up, because there will be no margin left.
Any home owner will not get a conventional loan because the house is not going to appraise for 180k. No way. Not at all. It might appraise at 140k.
I don’t know how to have played this differently. Tom, I need your expert advice please. How would you have done this negotiation?
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I texted him to please keep me in mind and said
“ Hey this is Cyrus. I know we discussed my offer was lower than other ones you had, but if those fall through, I can pay 90k cash for it immediately within 7 days. Thank you for your time on the phone today.”
He lied and said the breaker panel can be upgrade for $100. Bullshit, that’s at least $1500 job that requires a city inspection. He said a comp sold for 240k, propstream shows comps are $180k. He said he wants to avoid an agent for commission. He said he has multiple offers – whatever that means. are they signed offers or just verbal nonsense???
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