Bought our first house!

My cousin found a house and scheduled an appointment to view it. We both went. 3BR/2BA w/detached garage, near to the major hospitals. Already foreclosed, bank owned property. Needs some major work, but not to bad.

Last appraised at $65K, the bank is asking $17K. We offered $12K and waited.

The first two calls from the agent told us that the bank was not accepting the offer. We told him that we know that the house is a liability on the banks books and they must get rid of the house and on the third call he said that the bank had accepted the offer, and we went and did the paperwork, same day.

Closed about a week later!!!!!!

We pulled up the nasty carpet and discovered well protected hardwood floors on the ground floor level!!! Bonus!!!

While we know we have $65K equity in this property, we are trying not to borrow against it and doing much of the work our selves. (This is the slow way of getting it done, but we plan on living here...beats being (essentially) homeless.) This will be our base of operations in our new real estate business.