OfflineHi everyone
I am relatively new at the DG site. I got the books about 4 weeks ago and started reading them. Still reading them but did not want to wait and started looking at properties to flip. I live in Arizona and there are a huge number of homes in foreclosure. So I thought great lots of opportunity. Guess what? I think everyone had the same idea. So I have been making offers. But they seem to sell really fast and so it is not easy to get one. Very very nervous about the whole thing. Anyway this week I got my first counter offer. It is a foreclosure house that is been on the market for over a month. Comps are around the 90K-100K. It is listed for just over 55K. I am hoping to get it for about 50K. It needs some work. The usual kitchen,bathroom,paint.. but over all in pretty good shape. I am waiting to hear back to see if my last offer has been accepted. I am keeping my fingers crossed. I will keep you guys updated. Thanks for all the support and info. If it wasn't for all the information that I got from this website I would never have had the guts to get this far.
My first counter offer
Posted on: Wed, 09/09/2009 - 23:41
My first counter offer
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Good luck keep us posted on how it goes
Good luck! Looking forward to hearing about how it turns out!
Success and Nothing Less!
Yes everyone has been watching for the bottom of the housing market. I told my wife to watch for the results in May that the feeding frenzy had started. I am in with the sharks. I have a working investment realtor but I have not made an offer as of yet. The best deals are arranged above list inside hours of availability and I am gun shy on the addendums from the seller.
Good Job for taking ACTION!! Crossing my fingers you get your first investment property!
See you at the top!
"You only fail when you give up. Never fail to give up"
I still have not heard from the bank. Mine was the only offer they had and on the last day they got 2 more offers. We went back and forth with the offers for a week and I wish I had been more aggressive. We still don't know if we got it but I have my fingers crossed. Somewhere along the line I think I forgot that there could be other offers coming in and was just taking it easy. I know better now. Now I feel like I failed because I did not give it 100% effort.
I know - it certainly was a learning experience and I will not make that mistake again.
Uma
The main thing, Uma is that you are out there doing what we have been taught to do. Keep up the good work and keep us informed.
Brian
Sometimes banks can take a while to make a decision when they have multiple offers. So hang in there and follow up with them. Sometimes a bank can reject all offers and come back and request "a best and final offer" from all parties interested. Good luck with this potential deal. Believe and Achieve!
- Joe
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Joe is correct, banks take forever to make a decision. It is not over until it is over. Stay optimistic and keep searching in the process to see what else is out there. There might be a better deal lurking in the wings. All the best to you on your real estate investment journey. You have what it takes to get those deals. God Bless.
Sandra
"You can never get to the top, if you are not willing to climb. Do not look at the difficulty of the climb, only anticipate the view from the top."
"Can't even walk without you holding my hand." (Song)
"Is anything too hard for the Lord ..." Genesis 19:14
"In all things, wait on the Lord."
"Think not of your own deliverance, but trust in God who will give in abundance."
"When you are down to nothing, God is up to something." Unknown
"Our lives begin to end, the day we become silent about those things that really matters." Dr. Martin Luther King Jr.
Ok just found out last week that I didn't get the house. I guess I will keep trying. My husband is not so keen on REI and it is hard without his support.
I was really hoping that if I did one that he would see that the potential. I just have to find a way to convince him.
Uma
The fact that you got to the point of making an offer is great. I am still working on getting that far. You're right, when you get that first "seeing is believing" for your husband. As investors we see the potential for profit on the other side of the deal whereas he can't yet. Keep going and get that first property so he will see it too. Good luck.