OfflineSimilar to the other one. REOs all.
First one is a cookie cutter 3/2. Asking price was 119 which I thought was a little high. I had a little trouble getting a solid handle on the value but it looked to be in the 160-170 range.
Good rental in a solid neighborhood. Bank was offring 4500 in concessions (2000 repairs and 2600 closing costs.) I offered 90.
Heard nothing for a week (past the offer deadline) and thought it was dead (ie bank is an idiot). Emailed my realtor to confirm that the deadline was past.
She agreed that it was and we could cancel based on that but told me that the other side (realtor? bank?) did not receive the offer (or lost it). She said she resubmitted and suggested we see what happens till Mon/Tues.
It's really a freroll for me since even if they sign my offer as is, if I have 2nd thoughts about the property, I can cancel just based on the deadline.
The other property is really more attactive to me. Value ~200 (solid). Was last sold for 216 in 06 and bank it took back for 175. List price was 129.9. I offered 115.
It would be the most upscale rental I have ever owned. Planned community. Community pool. VERY nice house. And would still be positive cash flow.
1900 square feet which is big for my rentals (1200-1500 is my bread n butter.)
If you aren't making offers in this environment... WHY NOT??!!!
Wow! Good deals!
I agree with Mark, make some offers!! You never know what you'll end up with!
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
Thats great do your thing!.. I wish you the best of luck
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
I was in a very similar situation as you. This was about 3 months ago. I found a sweet brick ranch in a nice neighborhood and it was accessed for $105K and the bank listed it at $79,900 which was a steal since it just needed the carpets cleaned, overall house cleaning and paint in some of the rooms. It also needed some work done in the bathroom. I decided to put in an offer for $63,300. The bank promptly denied the offer. I told my real estate agent to forget about it and we would keep looking (I am a cheapskate). She wasn't happy with me because she thought my offer was plain stupid. I continued to look at more properties and submit offers ( I may go on a binge and submit 20 offers a week). Two weeks later I was driving back to Moline,IL from Saint Clair Shores, Michigan and my phone rang. It was my agent. She said that she received a call from the bank and the brick ranch offer was accepted! Her immediate response to the listing agent was "You got to be kidding me!". It was a great deal. So I hang up with her and I was flying high and the next thing I know my phone rings about 5 minutes later and I got another foreclosure! Two accepted in about 5 minutes! Man, I love this game! You never know what the banks will do. This a great time to be an investor.
You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!
question...you say sometimes you place 20 offers a week. How do you handle the earnest money for all thoes offers? Every offer I place my realtor says the want to see at least 2k. So I cnt be having all these offers out there, cuase then all m mone would be tied up in earnest.
Thanks,
D - De
Don't Wish the Past, Create the Future! - DH
I only send a $500 deposit check with any ACCEPTED offer. I write it in the contract that I am giving them a $500 deposit but I don't actually give them the check until the offer is accepted.
I would let your realtor know that from now on you will be only sending a $500 check with your offer. Your not asking your realtor. Your telling your realtor. They work for you. If they don't like it-FIRE THEM.
You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!
Thanks for that one. That is what so many fail to think about. The Realtor works for YOU!
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Earnest money is only deposited upon ACCEPTANCE of the offer.. not on receipt of the offer.
One trick I use so I dont have to write 20 checks is to photocopy a blank check and give it to my realtor. Then she can fill in whatever she wants.
I got the inspection report back. Has termites. The other agent thinks there is an 80-85% that the bank will treat the termites (but not the damage they already did of course) if I accept everything else.
In addition to the termites I have 3 other concerns that I need to get hard dollar amounts on:
The roof and the wood boarding around it (some of this is probably termite damage but the roof is just OLD.)
The AC unit. (AC is a must have and the unit seems really old.)
A problem with a fuse in the breaker box (probably minor but I want it checked out.)
The rest of the items were like 1001 minor things that I will just fix.
On one of the houses that I offered, the bank came back with a counter-offer ABOVE the listing price. Huh?? (Do they think it's 2004 all over again??)
THEIR agent was ticked and pointed out what the list price was to the bank dropped their counter to that. Their agent said that he would be more than happy to just re-submit our original (below list price) offer.
I have NO idea where the bank thought they were going with this counter. The one place they were NOT going was "to contract".
what city state is this house located in? FYI on prices In my area:
For a new roof ply wood and all, including new facia boards (that are termite damaged)is 7-8k for a 2500 sq home.
The AC unit (just the unit outside) would be about 800
A a new 200 circuit panel wold run about 700-800.
This all includes labor.
D - DE
Don't Wish the Past, Create the Future! - DH
Had a roofer come out yesterday. He said the roof was fine and actually looked like it had been replaced recently.
I still want to get the A/C and electric looked at but IM guessing this deal goes through.
The A/C is from the age of the dinos. Parts not even available for it. New one is ~4K. In the budget, barely (with all the little things plus the landscaping).
On the other deal (the VERY nice home where the bank countered above LP). The bank finally pulled its head out of.... wherever it was. They countered 20K below their previous counter and 10K below LP, right at my top end price (rent-wise, not home price-wise).
Scoreboard:
3 offers
2 escrows
1 unknown (Bank/agent lost offer then never responded to re-submission.) It's my least favorite of the 3 houses so Im saying DOA.