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jperiod

How to negotiate with investor - low offer? HELP

jperiod
17 years ago

On the market for 60 days, listed competitively at 474K, lowered to 449,900 2 weeks ago. Only about 13 showings and kinda slow the last couple weeks due to spring break.

Had an investor who lives down the street from me send me one of those vague investor letters about buying my house (wihtout a realtor). I told him I was listed and correspndence was dropped until yesterday. He said he picked up my flyer and still wanted to see/buy my house. He looked today and send an offer of 400K to my realtor. We are 90% sure he needs to do a 1031 (or whatever that is) exchange in the next 30 days, so it's my house or someone else's.

I'm in a slow market, 5x normal inventory, 90+ average DOM. But I'm in a desirable neighborhood with several "flipped" houses down the street going for 600-700K. My house is very well priced at 450K, even for an investor and could stand to make a great profit. It's really the perfect investment property.

Fact of the matter is, 455K was my rock bottom of rock bottoms and my lowered list is already under that, so I don't have a new number -- guess you could say 450K is. So what's the best way to negotiate with an investor to get the most of my asking price? At this point, I told my realtor to verbally offer 447,900. I don't want to ignore the offer, I'm willing to negotiate, but obviously, I want/need the most out of my home.

Thanks!!

Julie

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