Probate Deal

I stopped to look at this FSBO property in May 2010. I called the # on the sign, talked to the oldest son who is the executor. Told him I'd like to meet and see the house. To my suprise he could be there in 20 minutes.
He arrived and told me the story of his Mother had died in the house and it has been vacant for over 2yrs.

Property free and clear. Needs $35k in repairs.
Comps $165k

Using the offer formula Dean explains in his books, I made an offer. He said he would have to talk to his brother and sister to see if they would agree to accept.

Two days later he called and wanted to counter. I just told him the amount of work, time and money I had to put into the property to bring it up to selling condition and wait for it to sell, put me into a tight situation and I may be able to go $1500-2000 more but that's it. He accepted.

Here's the deal:

3/1 Ranch 2 acres Purchase $77k
Repairs 22k
Sold for $148k

Time involved 5 wks.