I reached out to a probate house a while ago. The personal rep called me and said I could come look at the prop today. I got there and met the brother, nice person. Looked at the house. It needs about 40k to bring it to market price, which is about 330-350k. House needs kitchen and all 3 baths gutted and redone. Every room needs paint and flooring. He is in complete denial about the costs of repair and it current condition. He said its all cosmetic and it not that bad, someone could move in as is!! I said nothing, cause it would not have ended up being a good conversation. Keep in mind he got this house FOR FREE!!! there is NO mortgage. He says I need at least 300k. I said, well market is about 330, and there is a lot of work to be done. He said, so what were you thinking. I said about 200. He said oh no, no, no. I said, well sounds like you need to put it on the market and wait it out and see if you get close to market. He lives in Florida...have fun traveling back and forth and waiting 6-9 months, while paying electric, upkeep, lawn service, leaf service...oh and the Realtor's 6% when it sells
Now he got this house FOR FREE...FREE!!! and 200k cash is not good enough!?!?!?! Like I said it needs about 40k to fix. I just don't understand why people have to be so greedy. He got the house for FREE, and I am offering him 200k cash and a fast closing.
I was planning on assigning it for 10-15...
How do you deal with people that have no clue, and think investors offers are insulting? We have A LOT of costs associated with our business...and our cash buyers want a great deal
Don't Wish the Past, Create the Future! - DH