Offer To Purchase Question
I found a condo I want to buy and then rent it is a fsbo, I am very new at this but would like to try it. The comps all around are in 80K to mid 80s. I see about 15K of work that needs to be done they want 87900. it was their mothers condo (she passed away about a year ago.) and they are selling it a year later. one son is here the other 4 are out east and west.
I believe I can I offer them less but need a Offer to Purchase Form. They do not want to rent I think they want to get out from under it.
Any help would be appreciated.
My suggestion is to make sure on how much work it needs to be done. Don't just guess, but put pencil to paper and figure out how much.
Is the property being sold under an Agent? If so, go to the Agent to have them write a purchase contract on it. Use your knowledge of the repairs needed to help them see they have the property over priced and ask for a discount.
If it is not being sold under an Agent, then go to any store that sells office supplies or look on any search engine ( yahoo, google, etc.. ) for a purchase contract. Then use your repairs values to try to persuade the sellers to drop the price.
Hope this helps
Wilmus,
Thanks for the quick response, I have actually put all the numbers to paper and have come up with 11, 200.00 of repairs big-ticket items. Where do you think I should come in for a bid, how low is to low?
Thanks
Bob
I think with this one i would subtract 15k, Just in case its a little more expensive for repairs, and tell them to take that much off the asking price. Its sounds like you like this property, but remember , dont get hung up on it.
Purchase for 72K, perform 15K worth of work, then sell for even $90K?
When do you get your money?
Don't forget the overhead/holding costs incurred.
How about bringing in a licensed contractor (everybody knows somebody) and having him write up a repair estimate to submit to the sellers for a bigger discount?
Good Luck
Joe