Which Strategy Would You Use?
I have this homeowner who has this property in D.C . The property is vacant but assessed at $202,000. However she owes 30,000 in back taxes. The comps according to current propeties on the market range from 415,000 to 250,000. fixup. She owns the house free and clear. I want to assign to another buyer for 30,000 or take an owner financed mortgage so I may sell to my end buyer for higher price. I don't know what I am going to offer her but I was thinking what would be a good number to start with or a good method to begin negotiations. Shoud I bring my contractor before or after I sign the contract.
You don't have enough info to get a good response.
The tax value is pretty much useless. Also, you don't have comps with a value range that spread out($250-415K). You need to look for like properties (appr sq footage, # of beds/baths, garages, etc) and find out what they SOLD for. How much is the estimated rehab costs?
Does the owner want to sell? If so, how much is she asking? If she owns free and clear, what is her reason for selling?
Roger[ Edited by rajwarrior on Date 10/16/2003 ]