That’s if the Owner will be reasonable and sell at a price that reflects the market.
I ran across this property because I got an MLS update that showed the price had been lowered. I was curious to see it only because there is really not much else on the market here regarding Duplexes for sale now in the Sacramento Region.
According to the listing agent, the reason the property is over priced is that the owner is selling it and having to bring “cash to the table” to close it. His agent said that the owner has property all over the country and just wants out.
I have pointed out to the owner’s agent that even if someone brought a full price offer and wanted to finance it an appraisal would be next to impossible to get at that price for two reasons; there are Pending Sales right across the street for a duplex with the same configuration listed as a “short sale” at $180,000 and one right next to it that has a 3 bedroom 2 bath on one side and a 2 bedroom 2 bath on the other and is listed as a “short sale” for $200,000.
The owner’s agent had to agree with me and encouraged me to have any buyers I’m working with to just submit an offer. You never know what someone will do. Just so you can compare and see for yourself..?
Below here is the video of the Duplex listed at $180,000 that is across the street.
.[kml_flashembed movie=”http://www.youtube.com/v/uE1pFGD22Tg” width=”320″ height=”263″ wmode=”transparent” /]
Now take a look at the video below of the property that is currently listed at $235,000 and let me know if you think this property is worth over $40,000 more than the one above.
[kml_flashembed movie=”http://www.youtube.com/v/XuVAYqtD_CE” width=”320″ height=”263″ wmode=”transparent” /]
To further make my point, I’ve got a link to a list of recent Comparable Sales that I think will show you I’m not far off in my thinking that the most this owner can hope for would be a deal in the $190k’s. Click Here for the Pro-Forma Cash Flow Figures at $195,000
So… ? How can this be a good deal…? If you make an offer at what the market says it’s worth and the Seller accepts the offer and willing to bring “cash to close”, someone could make a nice deal here.
I’ll keep you posted on this one because it will be fun to watch to see what happens.
In the Mean Time…?
Make it a Great Day…!
Ed Favinger Broker, CRS, GRI, SFR 916-203-1260 firstname.lastname@example.org
- Profile of a “Flip”… I”ve Got Before & After Video (theycallmemred.com)
- You can still sell your home in a down market (seattletimes.nwsource.com)
- Clearing up Short-Sale misconceptions (lansner.ocregister.com)