The Lead
Home owner is relocating and wants to sell 4 bedroom 2 bath 2,200 sq/ft house in good neighborhood. 
Asking: $175,000
Amount Owed: $103,000
Repairs: none (he says)
After Repaired Value: $160,000
Max Offer: $104,000

I have two problems. 
1. I cannot get MLS listings because my agent has quit.  I have requested listing from another agent and I am waiting.
2. I have no money.  I cannot come up with $100k+, maybe about $50k.  I have no lender or investor lined up.
He said he was in No Hurry to sell, but entered $150,000 as the least he would take to sell fast.

The owner paid $206k in 2005 and the tax site has a value of $245k, I get $6o per sq/ft from RealQuest as a minimum.  The tax site says it is 2,500 sq/ft not the 2,200 the homeowner said, which gives me $150, but those comps were not all brick like the subject.  My $160k is a rough estimate – I need those MLS listings.

My offer will be 65% of ARV (after-repair-value) and this is almost what they owe.  I hate my offer being what he owes.  Looks like I just picked it because of what he owes.

I have not yet called the lead because I want the MLS listing and I have no money.  I think this is a mistake and you should call quickly.  Once I get the MLS listings I will make an offer. 

Get a good deal and the money will find you (I hope).

 

  One Response to “First Lead from the WebSite”

  1. Why did your agent quit? I had a hard time finding an agent who would work with an investor and ended up using my co-worker’s wife, who had just become a Realtor. And why are you waiting on MLS listings? I think you’ve got enough room with your $104K offer to be ok with whatever the MLS says. You should have a fairly good idea of what comps are. If you are off by $5K, it’s not big deal. And if a $5K difference can turn the deal from a good one to a bad one, you probably shouldn’t be doing the deal in the first place. I agree you should call the guy back quickly, but I don’t think he’ll accept. He said he was in no hurry to sell, so I doubt he will come down $47K in price. Still, you never know.

    By the way, you may also want to look at finding a private mortgage broker to work with. They typically have MLS access. (My partner was a private mortgage broker and he’s still got MLS access.) Plus, they probably also know hard money investors, who could come in handy.

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