OfflineAgain, I'm catching up so this was back in Dec 2011.
This one was across the street from "Sorrento", deal #2. I asked my realtor about it and as it turned out, it was also bank owned but not on the market. We placed an offer to the eventual Listing Agent who took the deal to the Asset Manager. I offered $20,000. It was a nice 2,400 sf house in this nice semi-custom neighborhood, but it had survived a fire.
The bank came back with $55,000. We settled on $34,000 and it was listed on the MLS that day so I could buy it.
"Acapulco"
REO
Of Market, but the bank wanted $55,000, I locked it up for $34,000.
I could have been greedy, but the same buyer (Sorrento} wanted so I let him have it for $3,000.
It was a RACE for the next couple weeks helping him get the funds in place, but we closed it. The same day I got my checks for Deal #2, It got $3,000 plus EMD reimbursement for this one.
Profit so far WITH NO MONEY OF MY OWN!
$10,400 2 months after I placed my first offer.
Thanks for visiting!
Never, Never, Never Quit, N3Q
"Nothing happens until you place an offer."
"Skip Deal #1, go straight to Deal #2; it's so much easier."
"There is nothing so useless as doing efficiently that which should not be done at all." — Peter F. Drucker... so, "Don't sweat the small stuff." -R.Carlson. "The greatest mistake you can make in life is to be continually fearing you will make one."~E.Hubbard, The Note Book, 1927...so, Do it for the right reason and "Do it with a headache!" - Dean Graziosi, Weekly Wisdom #176
Nice to keep your buyer happy, so he wants more.
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"