Is There A Way To Make This An Investment?
Was wondering what could be done, if anything, to make this a profitable investment:
Seller wants to move closer to work, needs to sell home, presently for sale by owner. Asking $139,000, although properties in the area are generally at $130,000 (he says). Feels he can get more due to nice place, inground pool. Home is 3 bedrooms, nicely finished throughout, in a nice subdivsion neighborhood.
Positives from my inexperienced eye:
1/ FSBO
2/needs to sale to move
3/nice place
4/inground pool
5/desireable neighborhood in the area
Negatives:
1/expects way too much $$
2/inground pool
Interested in your feedback.
Thanks,
Jeannie
The seller sounds like he is in a similar situation to me. I want to move closer to work, however, I want to rent out the house I now own, so I just have to find a new house I can afford and move - then put my house up for sale. Since the seller is still in the house and just wants to move to be closer to work, it doesn't sound like he is a very motivated seller. If he had already moved out or was behind on his payments, then he would probably come down on price a lot more.
Speaking of people who have moved out - you would not believe the number of houses we have looked at here in which the owners of the last 40 or so years have just moved to a rest home and the house is vacant. They are all the same - colors and wallpaper from the 70's or 80's, houses need lots of updating, but they are all generally well taken care of. Most owners have detailed records of all maintenance - they have their furnaces professionally cleaned every year. We made an offer last night on one of these at about 10% off. We will soon see how motivated these new nursing home residents are to move their houses.
Just from my little bit of experience, most FSBO's are not motivated sellers. The only way I have found them to be a little motivated is if the house is vacant. They are all worth talking to though. You never know what you will find. Good luck, but I would move on.
If he's selling at 139K while the average property values are at 130K how would you profit from this after sale? What are your plans for the property? Rental? Resale? It sounds like he want too much. If it were me I'd be talking to the next one and let this one go.