Skip to content
×
Pro Members Get Full Access
Succeed in real estate investing with proven toolkits that have helped thousands of aspiring and existing investors achieve financial freedom.
$0 TODAY
$32.50/month, billed annually after your 7-day trial.
Cancel anytime
Find the right properties and ace your analysis
Market Finder with key investor metrics for all US markets, plus a list of recommended markets.
Deal Finder with investor-focused filters and notifications for new properties
Unlimited access to 9+ rental analysis calculators and rent estimator tools
Off-market deal finding software from Invelo ($638 value)
Supercharge your network
Pro profile badge
Pro exclusive community forums and threads
Build your landlord command center
All-in-one property management software from RentRedi ($240 value)
Portfolio monitoring and accounting from Stessa
Lawyer-approved lease agreement packages for all 50-states ($4,950 value) *annual subscribers only
Shortcut the learning curve
Live Q&A sessions with experts
Webinar replay archive
50% off investing courses ($290 value)
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Investor Mindset
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

User Stats

35
Posts
0
Votes
Maiko Miyake
  • Homeowner
  • Takoma Park, MD
0
Votes |
35
Posts

I need to be cheered up, and helped to figure this out

Maiko Miyake
  • Homeowner
  • Takoma Park, MD
Posted Aug 3 2008, 10:57

I am a newbee investor, and was on a way to make my first offer. But then, it was shot down even before I made an offer. The seller's agent called my agent and said that they had just received a unacceptable offer and that an acceptable offer to them is 35% more than what I was about to offer :cry:

The thing is, the seller is a fellow investor, but not a very smart one. He bought this property for condo conversion, at top of the market and started the process. Then, he got caught between competing projects that he was working on and could not complete the one I was looking at. The project is left in the midth of it, the property looks miserable, went down in value since the time he bought it. But he is still asking for just below market for a totally fixed up property. I also learnt that his option was foreclosure. So here I am, I thought I could offer what I came up. I used the property analysis tool on this site and figured out the max that I could offer, which was, 35% less than what apparantly they are willing to accept. So I am bummed. I was so excited at the thought of making my first offer. I know I should just get used to it, and I promise I will get over it. I just wanted to vent.

But I am also trying to understand something here. OK, at the offer I was making, the seller would have lost his shirt. But wouldn't it still be a better option than going foreclosure? he held the property on his name, not on LLC. Especially when he is working on another investment project, wouldn't one want to make sure he has access to credit? Oh well, I guess there are so many different scenarios and one can only speculate. But I wanted to hear from seasoned professionals out there what goes through your mind when you know you made a bad decision and it is a matter of deciding how and when to cut it loose.

Loading replies...