I have a great house...I don't want to miss it. I know it will be gone but need advice (Rina, Anita, WMark1963, cbrpower...somebody)
The owner listed on craigslist for $155,900. He lost the house I called him and tried to buy yesterday he said it just went on the market today talk to his realtor. It is being sold as a short sale. (He now lives out of state).
The realtor is accepting offers for the bank. Says bank WON'T pay closing costs (I'll still ask ) She has it listed at $169,000; bank is running it's own appraisal and won't have it ready for 10 days according to realtor; however, the bank is still accepting offers right now. Needs minor (maybe $500 work) all new appliances and is in mint condition, I want it for rental because I'm not sure I could flip it right away but have a few concerns.
Assuming an acceptance offer of $160,000 + closing costs of $8500 which I believe is the highest I should go considering it's current price tag and to make it an affordable rental. But here's where I'm stuck and facing that "fear" dilemna (BUT I WANT OUT OF THAT BOAT that's why I'm here!!) Monthly rent would be $1225 which includes tax and insurance but doesn't leave room for maintenance, etc. Average homes for rent in our area go for $1100-$1300 max for 2 bedroom (our avg median sale price in this city for 2 bedroom is 170K).
Are there other terms or requests I could put in my offer to the bank to make it more attractive to get the price lowered. There are no bad points like Dean lists in the book to use as leverage. The house is great, appliances, structure, yard size, traffic, location are all excellent and in this particular city rental houses are gone in 1 to 2 weeks of listing but only at that $1200/mo price. Any help is truly appreciated.