OfflineI made an offer on a 6/3 SFR in my town on Thursday. My agent called on Friday AM to say the bank wants your best and final. I told her it was 115k My original was offer was 110k. She called me back friday evening and to say THEY TOOK YOUR OFFER!! Both my agent and the selling agent couldn't believe they took it, but we DG'ers know better!! It is getting on the end of the 2nd quarter afterall, and showings are WAY down according to my agent. The house comps out at around 170-175k. A recent comp on an exact type/sq. footage of this house sold in March for 187k!! Although I have a small twinge of regret that I didn't stand at 110k, I am going to still do a cash out refi at 70% loan to value and get all my money back A LA Rina! It needs to pass inspection, but already had new paint and carpet recently done, will be selling on lease option and should cashflow 300-500 depending on what i set the rent at. Once I get the tenant buyer in there, that counts as deal number 3!
Cathy B
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Congratulatrions Cathy! Keep up the good work!
When the going gets tough, the tough gets going.
Another obstacle and another mountain to climb. All you need is a strong will that things will turn around. God Bless.
Sandra
"You can never get to the top, if you are not willing to climb. Do not look at the difficulty of the climb, only anticipate the view from the top."
"Can't even walk without you holding my hand." (Song)
"Is anything too hard for the Lord ..." Genesis 19:14
"In all things, wait on the Lord."
"Think not of your own deliverance, but trust in God who will give in abundance."
"When you are down to nothing, God is up to something." Unknown
"Our lives begin to end, the day we become silent about those things that really matters." Dr. Martin Luther King Jr.
I want to thank all of you for your well wishes.
I resubmitted my 115k offer the bank on this property on Tuesday. They countered and I went up to 117k. They came back again but were only dropping there price 500 at a time, so we were 31k apart. I told my agent that was it, thats my highest and best and it didn't look like they were willing to move, so she told the listing agent that we were too far apart and it didn't look like it was going to work. On Wed. I went to look at some other houses, and my agent said she got a call from the listing agent wondering why we hadn't countered their latest offer. My agent reminded her that 117 was our highest and best and the listing agent said "oh, I will talk to asset mgr" She called back awhile later and said "the asset manager is presenting the offer to the board? I'm not sure who he was presenting to. In other words he wants the offer to go thru,(that's how I'm reading it) As of today Thursday, we haven't heard a thing, very wierd, and no other offers have been made on the property. Tomorrow I am going to look at 2 more houses, and will probably submit 3 more offers. We were supposed to close on the 25th of June, on this property, don't think they can convey clear title by then, but we will see what happens. The deal is not dead yet.
Cathy B
Follow my progress at:
http://www.deangraziosi.com/real-estate-forums/investing-journals/44397/...
So glad your deal still has a spark of life in it. Mine is dead but will resubmit next week, with financing, and see if they bite. And intend to resubmit each week until it is accepted or taken off the market.
You go!
Kristin
Way to go Cathy! stick your guns on what works for you. If they dont call back,so what. You will have another in your sights. They were propbably trying to scare you into offering more ,but once they saw you werent coming back with a higher offer they had to assume you were walking away and weren't kidding about the best and final.
best of luck
Richie.