Went to look at a house today that I got a call on from a bandit sign. In fact the owner of the house lives in DC and got my number when a friend of her’s saw my sign and suggested she call. I later found out that she had talked to Lance back in December first and then called back this weekend.
The house is currently listed at 329k and has been on the market for 160 days (the contract ends on March 7th). I did my research and tried getting comps but was having trouble. The house is on a double lot and is larger then most others in the area. Plus 3 of the possible 6 bedrooms don’t have closest but other wise are clear bedrooms. So I talked with Kasey and Lance about getting good comps and the ARV is probably about 370k.
After calling the seller back and asking her a few more questions It became apparent that all she wanted was someone to give her an offer. Nobody really ever gave them a solid number. Realtors just asked them how much they thought the house was worth, they have had very few showings and no offers so far. Originally they put the house on the market for 500k. The high price was a result of wrongfully thinking that the double lot was worth that much more. They got no offers and have lowered it steadily ever since with no bites.
Lance and I went out and looked at the house Tuesday night and it is in great condition for a 100 year old house. They maintained it well for sure. The only things that I see need to be done is to update the kitchen and baths. My one main concern is what is behind those old walls. For anyone who knows, would I have to replace the wiring if it is old wiring?
Lets play Deal or No Deal….
- ARV is 370k
- Repairs 15k (paint, refinish hardwood floors,patching, kitchen update and bathrooms update)
- 5 Bedrooms, 1 Full Bath and 2 Half Baths
- Taxes are 10k
- No Mortgage
- Small lien on the house used to pay for assisted living for aunt (seller says it’s small and will be paid off with proceeds)
- Seller needs money to pay for future care for Aunt
- Double lot that can be divided and built on both (total lot size is 85×100)
- 100 year old house with plaster walls (some are cracking, what should I look for there?)
- Contract with Realtor will run out on March 7th (they want to wait till then to do something)
I plan to wholesale the house or maybe even wholetale (sell to retail buyer) it. After looking at it and talking with Lance I’m looking at about an offer of $240k. I know they would be willing to do 250k as they said it was within their range right now.
So DEAL or NO DEAL?
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