Posted 16 days ago

First sale cancelled, Second Offer in

It's been a while since I have updated where I'm at. After the inspection on the last house we found our rehab costs were pretty far off. Our hard money lender said with the new repair we were going to need to bring our offer price down. We countered with a $20,000 decrease (during the inspection period) and the seller decided to cancel the sale. Looking back on it I'm glad it got cancelled. I was letting my emotions make decisions. I so badly just wanted to get my first property I didn't follow the numbers. It was a $350 dollar mistake (inspection.) But it could have been a multiple thousands of dollar mistake.

Since then I've started a new job that requires a lot more hours than before and I'm still trying to learn more on the side but just not able to focus as much energy on real estate. That being said we made on offer on a house in Cambridge that needs to be completely gutted. It's asking price is $85,000. The ARV is $175,000 and we are estimating $80-90,000 in repairs. We are offering $42,500. My realtor asked if they'd consider a low offer like that and the response was they have buyers interested at list price and to expect a counter offer. Which isn't a "no!" We sent that offer today so I'll try to update when something else happens.