No Rehab Needed- What Do You Offer?
Lately I have run into several FSBO who list in the newspaper saying" Must sell or very motivated" alot of theses properties have been owned for a couple of years so when I offer 65-75% of the market value no one seems interested and in fact seem insulted. I know the 65-75% ARV- repairs -blah,blah, blah formula works for rehab property but what do you offer a seller whne 65% will not even cover remaining mortgage balance? The market in Port saint lucie FL is definently a sellers market and "The word motivated and must sell" must mean "must sell at full market value". What are you doing in these situations? Even the vacant land owners are being stubborn!
Thanks in advanced
In my experience, the people who took very good care and pride in their properties and are selling FSBO is basically because they feel two ways
1) don't want to pay a realtor
2) they think they can do it faster
They are basically looking for an owner occupied buyer
Lori
[addsig]
Thanks tinman- So would you say that wholesale would only work if the house needs repairs and the seller does not wish to make them, thus allowing you to negotiate a lower price?
There has got to be a way to buy nicer property or does it? Maybe I have been disillusioned- the # of homes in need of repair in this area seems to be slim to none. The area prides itself on being one of the nicest places to live adn the homes are an indication. I hate to be a quiter but even farming area out of my area seems to turn up little results.
Does anyone buy pretty homes in ways other than sub 2 or L/O- or does wholesaling not work with "pretty homes" I was hoping this would be my niche.
Thanks again tinman( I also have an agent assisting me)
When I see the ad your talking about it normaly means another investor. The ad tells you nothing about the motivation of the seller.
I would suggest that you get a sub 2 course and learn how to buy houses subject to the existing mortgage. It seems from the way you describe the area , that you have alot of pretty homes.
Some may want the property off their hands, but think they need to cash out the mortgage. If they are motivated and need to sell quickly, sub2 is an option.
Mimi