Well, I realized I better start letting the family know about our progress! After a long and seemingly slow spring and summer, we have now submitted four offers. The first was on a bank REO which was beat out by a cash offer. The agent called me back several days later, though, telling me the offer had fallen through and the bank was again accepting offers. We submitted a second offer but got word that the bank rejected all the offers that had been submitted. We'll be sitting down to decide what we should do next.
We offered on another house that was beat out by an investor's cash offer, but we spoke with the owner and found out that his mother will be selling her house in the future and they will be moving to South Carolina. We gave him our business card and he said he'd keep us in mind.
Finally, we just submitted a $60K offer on a house listed for $104K. It is in a short sale situation and the owner tried to sell the house once before in 2006. Currently, the house has been on the market since April. Comps look like they are at least $100K in this neighborhood.
"He who is mighty has done great things for me...He has...exalted those of humble estate; he has filled the hungry with good things..." Matt. 1:49-53