Took a second shot at the NOT COMPLETED house

Took a second shot at the NOT COMPLETED house

We went and took pictures of the "see thru" house. We had our contractor write up an estimated "disbursement sheet" and the house is 28% complete. He thinks the bank "may" have about 30K at the most in it. The lot is worth about 5K, concrete foundation/slab, there is a basic outer shell and roof - noting else. No electric or septic to home.

MIKE went to the "main branch" of the local bank and spoke to the asset manager (since they were short with me at the local branch). WOW...what a jerk.

They will not even consider our offer of 15K. They actually told Mike that THEY (the bank) would hire a builder to complete the house before they sell it for 15K. Completed, the house MIGHT be worth 120K. They said unless they get an offer of 60K or higher, they will not sell it. I honestly believe all the bankers and realtors in this area are on crack !!!!!!!!!

I wish we could post a picture on here because you guys would flip out if you could see what they want 60K for.

We will let it sit.......and next year when it is still sitting there deteriorating, we will offer 10K.


~~~~~~ Praying for our dream house ~~~~~~


Sometimes it is difficult to undertsand how a bank can make a decision on their REOs, especially one as you describe. It will be interesting to keep this one on your radar and see where it goes. Who knows you may actually get it for the $10k in the future. Keep on searching and you will discover the motivated bank that is ready to deal. Believe and Achieve! Smiling - Joe


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Joe Jurek CPA

Be persistant

No is not always a no. Keep your eye on it, go back in a month and make the same offer, if no, then go back in 2 months and try again. Eventually you might get them to give in if no one else takes it. You can make this work, just don't go away and keep trying.



This train, Dreams will not be thwarted
This train, Faith will be rewarded
Big wheel roll through fields where sunlight streams
Meet me in the Land Of Hope And Dreams

Bruce Springsteen


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