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Still no word on our previous REO offer we made at the beginning of September. The listing Agent did alert us yesterday that the list price would be reduced soon, which is was today ($175k to $159k). However, there’s still no word on the Title V (septic) inspection, so that’s still in limbo.
We saw a short sale house last Tuesday. It was listed at a super cheap price of $79k, so that drew in a lot of interest, especially since the ARV is conservatively around $180k. In fact, when we viewed the house, there were 2 other couples there. It is a cute, older colonial home, 3 beds/1 bath. The house was in a bit of disarray (think: Hoarders), but not in too bad of shape. It needs windows and such, but mostly cosmetics. We put in an offer of $84k the night we saw the property. Then, our Agent emailed us saying they wanted our “highest and best” by Saturday at 4pm. We put in an offer of $103k and removed the part about the bank paying the closings costs. We got word last night that we were outbid. I wonder by how much??
We’re still getting bites on our inherited property mailing. Seems some people held the letter over the summer and waited until now to call. Hopefully a deal will come out of one of those leads.
Another exciting bit of news is that I won Shae’s contest. She posted a survey last week and she picked me to receive a free copy of the new product she’s releasing soon. I’m so excited. I cannot wait to get it because I really gotta move forward if I want to be out of my company by next July.
We just gotta get a deal going soon. I know many people say is that it can take 20 or more offers to get a house under contract…but we’re getting pretty impatient. I am trying so hard not to get discouraged and I don’t want to throw in the towel, I want to and need to keep moving. I know my husband was really disappointed we didn’t get the short sale house!
I had such a busy week, especially at work, so I didn’t have as much time to review my PMBP course as I would have liked. I’m hoping to do that later this week, since I’m taking a couple days off from work.
Happy Investing!
Related Articles
- Short Sales 101: Back to the Basics (agentgenius.com)
- The Short Sale Approval Letter (findwell.com)
- How to Buy a Short Sale House (brighthub.com)
- You: Walking away with less (washingtonpost.com)
Keep pressing on…keep making offer. It will happen. Took about 30 offers before I got my first REO.
Thanks, Shae. I know, perisistence is key…I need to keep remembering that. Thanks for the encouragement!
Steph
I know how you feel, sometimes you just want to throw in the towel. I actually did throw in the towel, just to go pick it up again. So take it from me. Stick to it! You’ll do it!!!
Thanks, Angela. I will keep going! It’s easy to get discouraged sometimes, though.
I enjoy your blog, by the way!
Steph
Thanks Steph!
Angela