Good Afternoon DG Members,
I want to share an out of my state deal that I did. My family and I enjoy traveling from Indiana to Michigan and we decided to look at several open houses for condos during the weekend stay last summer. We decided why not look for an REO condo for an investment. Thus, we found a nice 2 bedroom 2 bath condo near Lake Michigan. The bank wanted $75k but then lowered the price to $69k. We offered $62k but the bank would not budge off $65k and wanted us to pay the closing costs. We gave a best and final offer of $63k to the bank with no success. I then decided to foget about the unit and then several months passed and I saw the exact condo listed by an Auction Company. We decided to attend the auction even though there was a major snowstorm that day. It then turned into a blizzard but we were lucky enough to get the condo for $45k pending the bank's approval. To our suprise the bank accepted the $45k! It was strange that 6 months prior they would not accept $62k but now 6 months later they accepted an auction price of $45k. I guess the lesson that we learned was do not give up on properties that you have on your radar. Good luck on your deals! Believe and Achieve!
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Joe Jurek CPA