They asked us to submit an offer!

Sounds like you may have come up on a deal here. What exit strategy do you have in mind for this property? Good luck to you

Sounds like a great deal! We just recently had a similar deal but will be closing on it tomorrow. We will post more details once we get title on the property as it is a very exciting transaction and equity. Good luck!

The worst thing they could say is no. $50k is a big price drop, too. Let u know what happens!

I will be watching to see how it goes; good luck with it!!

Sounds like a good deal! Are you going to wholesale, fix and flip, or buy and hold?

Hopefully you will have a deal on the way. Sound promising. Keep us posted.

the banks will do that if they don't get any offers, or if their only offer doesn't go through.
Don't be surprised if they come back and say that they will accept your prior offer of $46,800...
if they do accept your offer, what will you do with the property? where will the EM come from?

Keep us posted!

wishing you success,
Valerie

Acting like the Thinker in action. Looking forward to the outcome of this transaction. Fingers and toes crossed for you.

Sandra

Bet they're gonna take the $41.6

I have a couple buyers who are active in the area, I plan to wholesale the deal to one of them. But the property has a little more repairs then their preferred deal. So I'm also looking into hard money to do the deal myself if needed.

The property just recently became part of the city and now is required to be tied into the cities sewer. So that adds extra time and about $35,000 to the deal.

So here is a quick breakdown:

$46,800 - purchase price
$35,000 - remove septic and connect to city sewer
$20,000 - budgeted for repairs (Paint, landscaping, siding repair)
$9,000 - budgeted for holding cost (6 months)
Everything has been over budgeted just in case.

$110,800 Total

$153,000 90 day sales price ($22,950 selling cost, $19250 Profit)

$135,000 to $140,000 30 day sale ($20,250 to $21,000 selling cost, $3,950 to $8,200 profit)

I've got ten days after the offer is accepted to come up with the $1,000 earnest money. (no clue on how I'm going to come up with that if I do the deal)

Bank just verbally countered at $89,000 and asked us to counter. Told my agent to counter but not to go above our original offer of $46,800.

Wish me luck!

How did your deal go? Hope it went smoothly!

Hi we need to know the out come of this thriller, Jim

By the way I'm rooting for your side! This is more like a comedy thriller though.
Bank: 89,000 dollars! You: Okay, maybe 42,000, but don't go above 46,800.
LOL!!

RENinja

They dropped the asking price from 93K to 48K and are asking for our highest a best offer. last offer was at 46,800.

Do i stick to the 46.8K or offer the asking at 48K? They have multiple offers in at the moment.

Dont go to 48k. Go to 46.9K and only $500 earnest money deposit. Best and Final Offer.

I already offered 48K. I'm waiting for a response....

My guess is that they will accept your offer. Just have to wait and see. Good Luck!

The bank rejected our offer, they stated they received a much higher offer. Oh well, on to the next deal

well sorry to hear that. Maybe that was for the best. keep your chin up. on to the next one....

They could be stringing you along for more money. You were offering in the $40K's a while ago and NOW it turns them off? Could be a done deal with someone else, but it could just as easily be a bluff. Bluffing's not illegal, so don't be surprised if they try it. If it becomes "available again" (by some strange coincidence), pull out your bat and drop down to $32K. If you drive by, and the city's working on it for someone else, you can probably bet you didn't want that one anyway. On to a better one!