Man coming to look at my house

debodun

debodun

SF VIP
Location
way upstate in New York, USA
Thursday morning. I know him, he's a local real estate investor, so likely looking for something to flip. I'll probably get a song and dance about the money needed to fix it up and that even then he will have to make 60% over his investment (or whatever his profit margin is). Anyone want to guess what he will offer, if anything?
 

debodun said:
Thursday morning. I know him, he's a local real estate investor, so likely looking for something to flip. I'll probably get a song and dance about the money needed to fix it up and that even then he will have to make 60% over his investment (or whatever his profit margin is). Anyone want to guess what he will offer, if anything?
Click to expand...

Question is ... what do you consider a reasonable offer? .. You must have some idea what you would take.
 
These are what some real estate estate sites give as a value on my house

As of September 2021:
Bank of America appraisal value $281,428
Zillow estimate - $211,800
realtor.com estimate – $239,800
Town of Stillwater assessed full market value - $188,372
 
RadishRose said:
Rock bottom in these days of inflation will be a good deal. Deb take what you can get.
Click to expand...
What ? Take what you can get ? That is poor advice. Real estate INVESTORS are thieves. selling your property to an investor is like selling your car to a used car dealer. You WILL be ripped off.

My advice is to talk with a realtor who could act as your advocate.
In any event, you could stick your toe in the water , with a realtor, and see what the market will bear.
If you do list your property, you are under no obligation to accept any offer. You can always pull it off the market.
Best of luck to you.
 
I have no idea of what issues your house may have, BUT some potential buyers have skills that would make repairs MUCH, MUCH less costly.
In 2002 I bought a house in Florida that no one else wanted. I did all the work myself, working part time, and I paid out less than $10,000 in building materials. In 2005 I "flipped the house" and made a profit of $72,000.
 
senior chef said:
In 2002 I bought a house in Florida that no one else wanted. I did all the work myself, working part time, and I paid out less than $10,000 in building materials. In 2005 I "flipped the house" and made a profit of $72,000.
Click to expand...
Yup

We did the same
Did all our own work
Even did a re-fi to put $20K in our pockets, after the broker got us lower interest
Sunk most of that back into the place (materials)
Doubled our money
That was right before the 2008 crash
 
debodun said:
These are what some real estate estate sites give as a value on my house

As of September 2021:
Bank of America appraisal value $281,428
Zillow estimate - $211,800
realtor.com estimate – $239,800
Town of Stillwater assessed full market value - $188,372
Click to expand...

If those estimates are based on comps of square footage in the area, needed repairs as determined by a certified home inspector should come off the top. An investor is going to cut the offer more.
 
Gary O' said:
Yup

We did the same
Did all our own work
Even did a re-fi to put $20K in our pockets, after the broker got us lower interest
Sunk most of that back into the place (materials)
Doubled our money
That was right before the 2008 crash
Click to expand...
Yep, Gary. Guys like us do not need to hire contractors to do the work.
I made a pile of money by buying the worst house in the neighborhood, and fixing them up. It's amazing what can be accomplished in a relatively short time, if we don't mind sweating a bit.
 
senior chef said:
I have no idea of what issues your house may have, BUT some potential buyers have skills that would make repairs MUCH, MUCH less costly.
In 2002 I bought a house in Florida that no one else wanted. I did all the work myself, working part time, and I paid out less than $10,000 in building materials. In 2005 I "flipped the house" and made a profit of $72,000.
Click to expand...
Deb's has posted a lot of different post about multiple issues, (including some of them that could become seriously expensive to fix), that her house has. The beauty of a real investor is he hands you cash, you walk away. No home inspections, no tire kickers that don't have the credit rating to get a bank loan, no hearing a bank inspector list all the issues, no waiting. Just take your money and walk. Now, you, Gary, myself, and a few others here are handy enough to do most, if not all the work needed without using a contractor. However, I remember earlier post Deb made about her house, and I couldn't see myself doing all that was needed. The right advice is take whatever they offer and leave the stress behind.
Look forward... not back. :)
 

Back
Top