Just a few hours before we were suppose to meet the realtor and check out this high potential REO, my wife decided its just not worth it and said to cancel the appointment since she is not going to live there! Arghh!
I didn't write down the numbers in the previous post, but we would have placed a bid for $200-$210 and have a ARV for 285k! It would have been a pocket listing and nobody else to compete with.
Any body want a wife for a discount? (Just jokin..)
So, one thing for sure is that another deal is just right around the corner! Actually, it took just a few seconds. My wife said, what about the preforeclosure next door? (About a month ago, I was generating my notice of sale list when I noticed that my neighbor was in foreclosure!)
After thinking about it, I said yeah, let's go for it...
Seller bought: $212k in Aug 2004
Downpayment: Only 1k w/ conventional
Can you say short sale? When I saw this come across my desk a month ago, I decided to pass this up because the numbers don't look very good and it would be a tough discount. However, if we could get into the property for a decent price, we can turn own current home into a rental and have an extra bedroom.
This one is going to be tough, I have only 2 months to get this done. The stars and moon will need to align.
The banks will be the toughest challenge. If we could get this for 180K , it a done deal. Since this is a primary residence, my criteria can go up to 90 LTV.
The benefit of this would be the extra rental house coming from the deal.
I just checked the county records, and they are still in foreclosure, so let's see if the neighbors want to do a deal! Stay tuned..