Posted by B.L.Renfrow on May 24, 2004 at 08:50:45:
Regardless of what somebody appraised it for, if it’s listed at $550k and it’s not getting any offers, then the market is telling you it’s not worth $550k.
This sounds like a unique, one of a kind, upper-end property. The problem with these, as opposed to the bread and butter “average” property, is that there will be relatively few buyers, and the ones who are qualified likely can be picky.
I would suggest just getting an option in the $440k-$450k range, then market it a bit higher and see what happens. That way, if no buyers appear you’re not putting yourself in the position of having to renege on a contract.
Brian (NY)
Possible first filp but… - Posted by Erik
Posted by Erik on May 23, 2004 at 18:15:28:
I have read this site for 1 year and have a couple of courses on flipping. This might be my first deal but I am waiting for the owner to get back from Rome, Italy.
Here is the story.
Owners husband pasted away last year
Appraised for $610k currently listed at $550k
6000 sqft but a very unique round looking house.
Custom built in 1991.
Owes $440K but can’t afford it anymore, kids are making payments.
The house is in a very upscale neighborhood in southern Colorado.
I believe I can get the owner to go for $450K as she is starting to get desperate and doesn’t want to wait any longer trying to sell it through an agent.
I want to flip this to a retailer, not a lot of work needs to be done, maybe just repaint the outside.
Once the owner comes back, I am planning to get it under contract. I think it would move quickly if it was listed for $500k since that is FMV for 6000sq homes on ~.7 acres.
Any thoughts?
-Erik