I found a property on CL and dialoged with the seller through email several times. The seller had purchased a second home and couldn't pay two mortgages. Finally he gave me his phone number and we spoke once on the phone before he accepted my offer. Once the property was locked up I put a lock box on the door (the house was vacant)and started contacting buyers. Two buyers looked at it within two days. They both said that it needed a good deal of work. I had estimated $15,000 in repairs based on the sellers estimates ($6,600) that I then doubled and then padded some more. The buyers estimated $20,000+. I sent the seller an email saying that my partners were telling me that the cost of repair was coming back higher than he had mentioned. The seller then dropped his price from $54,500 down to $50,000. The ARV is $130,000. He then followed up with a phone call and I told him that I would have to have the house for $40-$45k with that much needed in repairs. He said that his note was $50k and he would come out of pocket to get it sold at $47k. I told him that I would send a few more people through before I could tell him if that would work out. I contacted all my buyers and called investors on CL. One investor not on my list contacted me about the property, looked at it and made an offer of $47,500. I was shopping it around at $55k at that time. I told him I could do $52k. He hopped on it. I then went to the seller and locked it up for $47k. Had the assignment fee taken to title and now it's in my pocket. The seller is so happy to sell this house. He said it was causing him a lot of stress. The buyer said he's already wanting more properties, and I'm out hunting for the next ones!!!
If you haven't done a deal yet...your deal is right around the corner, but you have to go to it, it's not going to come to you. Now it's your turn...make it happen!!!