Just Closed on a REO yesterday

[Robbie Pollard]

I closed yesterday on a REO. The bank was asking $39,900, I offered $24,230. My realtor came back and said they had mulitple offers, so I raised my offer $26,500 and they accepted.

I think it was a good deal, but let me know what u guys think because this forum has helped me out alot over the last few months.

The house got foreclosed on in the middle of a rehab. It has a new roof, doors(interior & exterior), windows, electrical, drywall, paint & garage door. They also left unused paint, new shutters and alot of other miscellaneous items.

So the only thing I have to do is resurface the hardwoods in the living room & bedrooms, put tile in the kitchen, dining room and bathrooms. The bathrooms need toilets, tubs, lights & vanities; the kitchen needs cabinets, countertops and appliances. I also need a new central air unit, which I think is going to be the most expensive item I have to purchase.

My budget is $8,000
My time line is 2 wks to a month, I'll be doing most of the work myself with the help of a handyman when needed.

I paid $26,500 cash
My budget is $8,000 but I'm going to try and get it finished with $6,000
ARV=$80,000

That's it in a nutshell, let me know what you guys think. It would be greatly appreciated.

[Rich Weese]

Robbie,
I assume this home is NOT new. In s. Texas, several times I've had the a/c unit stolen from its' pad when the evicted left. I've found USED units with a 30 day gurantee. In each instance, it cost be between $300-$500 installed. Six months and both are going strong. Used older house doesn't need a new a/c or a new stove, fridge etc. Good luck. Rich.