Thursday, February 12, 2009
Quick nickel vs. slow dime
I called my "sure thing" investor last night to see if he looked at my property where the deal fell through. Yes, he and his wife had looked at it the previous night. He proceeded to list off all of it's faults which were nitpicking, it's really a very nice reo (maybe I am biased : ) ) After all his nitpicking he asked if I was flexible on price and I asked what he was thinking. He said he would give me $75k with a quick closing. I KNOW I can get more but I am not in a position right now to hold this property. Tomorrow we are closing another HUD and next week another set of condos. I thought I already had the condos sold before offering but I was wrong! I just hate coming down on price this much with this investor. He irritates me a little but I make money off him so I ignore it. I keep telling myself a quick nickel is better than a slow dime but just keep second guessing myself. I would really like $77k but I know he'll play hardball (as he should) and say he'll only take it for $75k. Thoughts? I'm showing it tonight to a few people so I'll see what happens and think about this other investor over the weeknd.
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4 comments:
Hi Eileen, just my two cents but I'd take the quick nickel with a quick close considering the pipeline of condos you have over the next two weeks. You can make up the $2K "loss" in the other properties. OR if it makes you feel better you can offer to sell it for $76K. How much off your price is the $75K? I'm not sure what your original price was.
Thanks Shae, I agree. I made my decision last night. Over the past year I've become a little greedy and need to keep myself in check.
I'm going to call him a little later today and hopefully get it locked up!
Thanks for your input! It helps!!
Eileen
Happy Valentine's Day Eileen! I think you made the right decision -did you get the contract locked? By the way, I think as business grows and there are buyers competing aggressively for the deals, you can afford to be a little pickier! That's my plan anyway...at that point you can do less deals with more profit. Until then, the quick nickel sounds like a winner to me :-)
I just screwed myself on a deal by not taking the quick nickel. I had a cash offer in hand but decided to wait for a higher ofeer.
I ended up running out of time and having to sell at a loss.
Take the quick nickel and move on to the next. :)
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