The Hail Mary all cash offer

[bearishgurl]

[quote=walterwhite]Here’s how I see it. If we take $200plus and offer it on this house and if by some miracle it were accepted, we’d have a house that based on the comps in the area I’m comfortable we could get appraised for 450 if it were all finished up and reasonably nice. I know the area well. Yeah, I could see that number coming down, way down, as I am heavily bearish. Also, interest rates could jump, and we might have the value plummet a hundred k or so and make it not possible to finance the place down the line for anywhere close to the value today[/quote]

scaredy, this is all the more reason why you should NOT invest $50-100K + “fix-up money” on ANYTHING less than a property in what was a formerly (3-5 yrs. ago) $1M + area.

You currently have a good rental rate. I would look only at acreages as you have been doing, even if they would take me FIVE YEARS to fix up properly!!

[scaredyclassic]

I’m not laying it out clearly. This was definitely over 1 million, 5 years ago finished, probably 1.2 million.

asking is 400,000 as a shell.

I’m not saying a flipper would buy it for 400. but they might for 200. maybe.

I’m proposing offer 220. Camp for a few years. We can add luxuries like showers and such as we go.

[scaredyclassic]

I’m not laying it out clearly. This was definitely over 1 million, 5 years ago finished, probably 1.2 million.

asking is 400,000 as a shell.

I’m not saying a flipper would buy it for 400. but they might for 200. maybe.

I’m proposing offer 220. Camp for a few years. We can add luxuries like showers and such as we go.

[scaredyclassic]

I’m not laying it out clearly. This was definitely over 1 million, 5 years ago finished, probably 1.2 million.

asking is 400,000 as a shell.

I’m not saying a flipper would buy it for 400. but they might for 200. maybe.

I’m proposing offer 220. Camp for a few years. We can add luxuries like showers and such as we go.

[scaredyclassic]

I’m not laying it out clearly. This was definitely over 1 million, 5 years ago finished, probably 1.2 million.

asking is 400,000 as a shell.

I’m not saying a flipper would buy it for 400. but they might for 200. maybe.

I’m proposing offer 220. Camp for a few years. We can add luxuries like showers and such as we go.

[scaredyclassic]

I’m not laying it out clearly. This was definitely over 1 million, 5 years ago finished, probably 1.2 million.

asking is 400,000 as a shell.

I’m not saying a flipper would buy it for 400. but they might for 200. maybe.

I’m proposing offer 220. Camp for a few years. We can add luxuries like showers and such as we go.

[bearishgurl]

[quote=SD Realtor]Given the direction of the economy and such I would not touch it. You keep making reference to “a flipper”. Well if it was a good deal and a flipper “could” make money on it, that house would have already been purchased.

Right now we see so many purchases made at the county courthouse that in our opinion are way out of range with regards to margins that it is crazy.

Inventory is going up, the economy clearly is slipping again, and you are proposing liquidating all of your assets to purchase a home which you will then need to complete. You are “estimating” 50-100k to finish but have you had a contractor in there yet? After you liquidate all of your funds how do you think a bank will feel about lending you money since you just shot your wad?

I think that you need to step back and analyze this a little more objectively. Living in squalor while your home gets finished is the easy part of the equation. Everything else sounds pretty shaky to me.[/quote]

Agree, here, SDR. I think scaredy should look for an REO, where he is not “bidding on the steps” with other cash buyers. In addition, I think he should not discount those REO’s which are in an unfinished state of remodel (heavy fixer) as lenders cannot easily unload these properties and will be more likely to cut a good deal to a solid buyer with a substantial downpayment.

[bearishgurl]

[quote=SD Realtor]Given the direction of the economy and such I would not touch it. You keep making reference to “a flipper”. Well if it was a good deal and a flipper “could” make money on it, that house would have already been purchased.

Right now we see so many purchases made at the county courthouse that in our opinion are way out of range with regards to margins that it is crazy.

Inventory is going up, the economy clearly is slipping again, and you are proposing liquidating all of your assets to purchase a home which you will then need to complete. You are “estimating” 50-100k to finish but have you had a contractor in there yet? After you liquidate all of your funds how do you think a bank will feel about lending you money since you just shot your wad?

I think that you need to step back and analyze this a little more objectively. Living in squalor while your home gets finished is the easy part of the equation. Everything else sounds pretty shaky to me.[/quote]

Agree, here, SDR. I think scaredy should look for an REO, where he is not “bidding on the steps” with other cash buyers. In addition, I think he should not discount those REO’s which are in an unfinished state of remodel (heavy fixer) as lenders cannot easily unload these properties and will be more likely to cut a good deal to a solid buyer with a substantial downpayment.

[bearishgurl]

[quote=SD Realtor]Given the direction of the economy and such I would not touch it. You keep making reference to “a flipper”. Well if it was a good deal and a flipper “could” make money on it, that house would have already been purchased.

Right now we see so many purchases made at the county courthouse that in our opinion are way out of range with regards to margins that it is crazy.

Inventory is going up, the economy clearly is slipping again, and you are proposing liquidating all of your assets to purchase a home which you will then need to complete. You are “estimating” 50-100k to finish but have you had a contractor in there yet? After you liquidate all of your funds how do you think a bank will feel about lending you money since you just shot your wad?

I think that you need to step back and analyze this a little more objectively. Living in squalor while your home gets finished is the easy part of the equation. Everything else sounds pretty shaky to me.[/quote]

Agree, here, SDR. I think scaredy should look for an REO, where he is not “bidding on the steps” with other cash buyers. In addition, I think he should not discount those REO’s which are in an unfinished state of remodel (heavy fixer) as lenders cannot easily unload these properties and will be more likely to cut a good deal to a solid buyer with a substantial downpayment.

[bearishgurl]

[quote=SD Realtor]Given the direction of the economy and such I would not touch it. You keep making reference to “a flipper”. Well if it was a good deal and a flipper “could” make money on it, that house would have already been purchased.

Right now we see so many purchases made at the county courthouse that in our opinion are way out of range with regards to margins that it is crazy.

Inventory is going up, the economy clearly is slipping again, and you are proposing liquidating all of your assets to purchase a home which you will then need to complete. You are “estimating” 50-100k to finish but have you had a contractor in there yet? After you liquidate all of your funds how do you think a bank will feel about lending you money since you just shot your wad?

I think that you need to step back and analyze this a little more objectively. Living in squalor while your home gets finished is the easy part of the equation. Everything else sounds pretty shaky to me.[/quote]

Agree, here, SDR. I think scaredy should look for an REO, where he is not “bidding on the steps” with other cash buyers. In addition, I think he should not discount those REO’s which are in an unfinished state of remodel (heavy fixer) as lenders cannot easily unload these properties and will be more likely to cut a good deal to a solid buyer with a substantial downpayment.

[bearishgurl]

[quote=SD Realtor]Given the direction of the economy and such I would not touch it. You keep making reference to “a flipper”. Well if it was a good deal and a flipper “could” make money on it, that house would have already been purchased.

Right now we see so many purchases made at the county courthouse that in our opinion are way out of range with regards to margins that it is crazy.

Inventory is going up, the economy clearly is slipping again, and you are proposing liquidating all of your assets to purchase a home which you will then need to complete. You are “estimating” 50-100k to finish but have you had a contractor in there yet? After you liquidate all of your funds how do you think a bank will feel about lending you money since you just shot your wad?

I think that you need to step back and analyze this a little more objectively. Living in squalor while your home gets finished is the easy part of the equation. Everything else sounds pretty shaky to me.[/quote]

Agree, here, SDR. I think scaredy should look for an REO, where he is not “bidding on the steps” with other cash buyers. In addition, I think he should not discount those REO’s which are in an unfinished state of remodel (heavy fixer) as lenders cannot easily unload these properties and will be more likely to cut a good deal to a solid buyer with a substantial downpayment.

[bearishgurl]

[quote=walterwhite]I’m not laying it out clearly. This was definitely over 1 million, 5 years ago finished, probably 1.2 million.

asking is 400,000 as a shell.

I’m not saying a flipper would buy it for 400. but they might for 200. maybe.

I’m proposing offer 220. Camp for a few years. We can add luxuries like showers and such as we go.[/quote]

scaredy, if the property is custom and not tract, $220K seems a little low. Why are you opposed to taking out a small purchase $$ loan . . . even $150K? At this price range, I think I would want to preserve some cash to get the indoor plumbing working immediately – with or without a family.

[bearishgurl]

[quote=walterwhite]I’m not laying it out clearly. This was definitely over 1 million, 5 years ago finished, probably 1.2 million.

asking is 400,000 as a shell.

I’m not saying a flipper would buy it for 400. but they might for 200. maybe.

I’m proposing offer 220. Camp for a few years. We can add luxuries like showers and such as we go.[/quote]

scaredy, if the property is custom and not tract, $220K seems a little low. Why are you opposed to taking out a small purchase $$ loan . . . even $150K? At this price range, I think I would want to preserve some cash to get the indoor plumbing working immediately – with or without a family.

[bearishgurl]

[quote=walterwhite]I’m not laying it out clearly. This was definitely over 1 million, 5 years ago finished, probably 1.2 million.

asking is 400,000 as a shell.

I’m not saying a flipper would buy it for 400. but they might for 200. maybe.

I’m proposing offer 220. Camp for a few years. We can add luxuries like showers and such as we go.[/quote]

scaredy, if the property is custom and not tract, $220K seems a little low. Why are you opposed to taking out a small purchase $$ loan . . . even $150K? At this price range, I think I would want to preserve some cash to get the indoor plumbing working immediately – with or without a family.

[bearishgurl]

[quote=walterwhite]I’m not laying it out clearly. This was definitely over 1 million, 5 years ago finished, probably 1.2 million.

asking is 400,000 as a shell.

I’m not saying a flipper would buy it for 400. but they might for 200. maybe.

I’m proposing offer 220. Camp for a few years. We can add luxuries like showers and such as we go.[/quote]

scaredy, if the property is custom and not tract, $220K seems a little low. Why are you opposed to taking out a small purchase $$ loan . . . even $150K? At this price range, I think I would want to preserve some cash to get the indoor plumbing working immediately – with or without a family.

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