Today we received a counter offer. It was simply stated. They will sell for our offered price of $360,000 but then will not give us a credit to re-do the exterior. If we want the credit, we will have to pay $385,000. Does anything think it will cost $25,000 to redo siding and stucco for 2 buildings? I honestly have no idea.
So, now I am going to desperately call several siding businesses in Dallas tomorrow to try to get a rough idea of how much this is really going to cost us. Hopefully I can convince someone to give me a free estimate and actually drive over to the property to tell me how much work it really needs.
I am thinking of countering with $370- $375 including the credit. But what I an not believe is that this property was first listed at $450,000 and here he is willing to take $90,000 less. That is a 20% mark down. From now on I am going to grossly underbid all properties.
Monday, December 04, 2006
To Become Wealthy: The Counter Offer
Subscribe to:
Post Comments (Atom)
2 comments:
Nice work, 20% sounds like a serious discount!
Beware, why is the seller so motivated? Is it overpriced, tough to rent, new regulations in the area, new buildings coming to the area, high crime rate?
Congrats though, can you tell us more about the numbers on this property (i.e. how much will it return)?
I actually know why the seller is selling. He brought the property a year ago as a fixer-upper. He put a lot of money into it and now he is selling it to get his money back. I actually have the lists of the work that was done in each unit and how much it cost him. He put about $4-6000 in each unit.
I wrote a blog with all of the numbers for the property on Nov 21st. it is titled "A Better Property in Dallas". Give it a read and let me know what you think.
Post a Comment