Updated about 17 years ago on . Most recent reply
made offer
Finally got moved to my new area. 3 weeks later I made my first offer.
2 BR 1 BA SFH
REO property
Needs a TON of curb appeal work, but the house itself is in real good shape. Cutting down trees is free! Also has central air and working appliances.
Rent: I can get $650/mo
asking price is $14k
my offer is $27,500
repairs: $1000 max
ARV: $60k
I've got a really good agent. He knows the selling agent very well and knows that there are 10 offers being submitted tomorrow. He gave me a tip on the price. They lowered the asking price significantly to gain interest (after trying to sell by auction). There are offers similar to mine, but none that are cash like mine.
This is my first offer and I have the jitters, but the numbers are real good and the neighborhood is a LOT nicer than the areas I'm targeting. This one fell out of the sky into my lap thanks to my agent. The house is not on the MLS.
I'm crossing my fingers...wish me luck!
-Rich