This house I have had under contract since April... Yes, the owner kept extending it! I had a call last week from a NY buyer who said she had someone in Greenville partnering with her and wanted to see it. He looked at it Friday and today she called me to make an offer. I had marketed it for $10K, then 9K, then 8500. I have it under contract for $6500 (price reduced 2x).. They offered $7200. I countered with $8000 and they countered with $7800. I said ok. I have to get the contract updated again tomorrow and the cash is already in Anderson so the closing will be next week. They are buying properties in this area and want me to find more for them.
I had another investor look at it the week before and he said it needed too much work! It pays to ride it out sometimes and $1300 profit is not a bad payday!
I had an REO offer accepted 2 weeks ago... $4100. I marketed it for $5900 and had a bunch of lookers but the location was the turnoff for almost everyone. My inspection period is up Monday so I'll be withdrawing my offer due to the neighborhood. I have just made offers on about 25 more properties and just waiting to hear back. My REA has a copy of my EMD for the REOs and one for the non REOs and she knows what I am looking for. So far my 25 to 1 has been right on!
Will be looking at another townhouse next week FSBO and a duplex tomorrow. also will be making an offer on a 4 plex in the next week. The guy I partnered with on a previous deal (that fell thru) and I will be looking at it also next week. I love this busy stuff! It means I'm moving forward and learning as I go!!! Thanks Dean!!!
Everything works out in the end. If it hasn't worked out, it's not the end.
You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.