just checking - Posted by nik

Posted by Killer Joe on March 13, 2005 at 23:54:27:



Know what I mean?

just checking - Posted by nik

Posted by nik on March 13, 2005 at 23:41:46:

This screams “newbie” but I am not sure how to handle this. Here’s the situation: we found a vacant, run down, up/down duplex (an old Victorian) AVR: 70K The owner says he “hasn’t really been in touch with the place for about three years.” It needs extensive work (busted pipes, foundation, siding, windows) but he is asking 60K. I say we should just walk away. My husband is tempted to become a motivated buyer. The “books and tapes” say to do the calculations and give the low offer (counter-offer) Owner sure sounded motivated to begin with. He acted eager to be rid of it. He seemed to become reattached to the place as he showed it to us. I really do not want to offend the owner. I don’t think he sees what we saw concerning the terrible condition the place was in. Anybody “been there”? I feel our time will be better spent if we just move on to next prospect. Thanks for insight.

Re: just checking - Posted by David (Los Angeles)

Posted by David (Los Angeles) on March 14, 2005 at 08:08:27:

Before I moved on to the next prospect, I might offer him $15K, and be prepared to go as high as $20K. The person who suggested treating this as a teardown was probably right, but you have to adjust the price of “the dirt” to reflect the cost of bulldozing the house and hauling it away.

Re: just checking - Posted by Redline

Posted by Redline on March 14, 2005 at 07:09:40:

If it needs extensive work and the ARV is $70k how could you even think about paying $60k? (Did I even read your post correctly?).

How much money would you like to LOSE on this house?!

If the place is as bad as you say it is, I would find out what the dirt is worth and make your offer based on that.