Real estate offer advice on a condo that is returned?
My husband and I are looking at a condo in VA Beach which was sold in 2009 for 40k. He is currently listed at 130 K obviously this condo was gutted and improvements were made. The improvements were not the case if 90k .. If I had to guess, I'd say they have 20-30k invested in this place (it looks great but the finishes are not high quality and has not been much done in terms of layout changes). We wish to make an offer and do not know what would be appropriate … condos similar in the region are listed at that price, but all have been on the market for some time. My husband goes on a walk through the place tomorrow it would be our first purchase. Any advice? There arent many recent sales for comparable units is not something we have to work with.
The $ 40K may not reflect the full sale price, or had seller financing, or it may have been an exchange of some sort. The real question is that comparable units in the neighborhood are selling. Ask your realtor for a CMA (Comparative Market Analysis) on the unit, and base your offer on these, not the sale price or the cost of past improvements.
(Real Estate Investing/ Flipping 2009). I’m here to Help NO FEAR INVESTING!
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