Out of State Deal from Bank REO to Bank Auction

That is a great story Joe. Its funny how the banks constantly do that. hopefully they don't catch on lol.

Thanks for the response. Hopefully other DG members can benefit in the same way. It is always hard to understand banks, but one day I hope to. I guess you should not give up on any potential deal. As they say...."it ain't over til its over". Good luck on all your future deals! Believe and Achieve!

Good for you Indiana-Joe! Sometime that's how it is. The bank was greedy six months ago, and now they settled for 45K. It's their lost and it's your gain! I had a similar experience, except it was a lady that owns 50K on her loan balance, but she wanted 85K. I offerred 65K given the facts that i had to spend at least 15K on repairs, but she refused.

The property actually ended up in forclosure. Well guess what, seven months later, i was able to purchase the same property for 25K. That's 60K less than what she was asking for. If she should have taken 65K i've offered her, she would not be in forclosed and her credit probaly would still be intact. Instead she was greedy and she's now renting a two bed room house three blocks from the house she used to own. It was appraised at $110k, and that was before any repairs have been done. This same property should be completed in a couple of weeks and i will flip it for a good profit. I aint greedy, and whoever will buy it from me will have a good amount of equity in it as well. I like it to be a win/win situation!

Anyhow, the mortal of the story is, DON'T YOU EVER GIVE UP ON A DEAL UNLESS IS CLOSED! Patient is virtue! Sometime, the harder you work, the luckier you get, so keep on and stay the course. Congratulation and very happy for you Indiana-Joe!

Now go close the deal!

Lloyd

Thanks for the reply and sharing the details of your story. It is funny, I have a few spreadsheets of informatrion, one on current offers, one on prior offers and one on deals I am watching to hit a certain price. Thus, information and patience can be your friend. Congratulations on your deal too. Sometimes I believe when you do all the right things, that good things will happen for you. As for hard work, I once heard someone say, "the harder they work, the luckier people say there are" Keep up the good work and good luck on those deals. Believe and Achieve!