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Happy New Year everyone!
Over the weekend I picked up a 30 day option on a 3/1.5 in a good, older subdivison. 3 yrs ago these folks were completely unrealistic with pricing so I passed a couple times when first they called/we met. However I was respectful of them and did what we are taught by CFD and kept the door open for them if something changed.
Lots changed, they moved out of state, didn’t like being distant landlords, and then their renters moved out around Thanksgiving. They called me last week they said because I’d been straight forward with them before. They did mention that a couple agents they called gave them unrealistically high numbers and wanted to list their property for 6 months or more.
Numbers are: Option $43k (50/50 split over the option price) “as is” Value $55k (Move in ready) Could stand $5k updating to bump ARV to $75k, however that will be someone else’s risk & gain. I’ll be happy whatever it sells for over the option price. Was renting for $750 which is very fair for the neighborhood – it should stretch to $825.
I’m deciding how to sell it in a couple days after speaking with another neighbor about 4 doors down who is considering letting me to do a highest bidder sale on her house. If so, I’ll do both on the same weekend. One is updated while one is not so buyers can bid according to convenience or some sweat equity.
Hank
Jackie,
It seems I don’t have the owners under control very well since I got this email last night:
“I would like to run an ad in (local paper) Classified at my expense on week prior to you doing the auction. Just let me know the best wording for the ad. I will run it from Sun – Fri.”
I feel like contacting him to let him know he’s wasting his money, however should he insist, I’d like to know if there are any classified ad examples you might suggest?
Thanks,
Hank
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