DOUBLE DOWN ON REAL ESTATE
How to turn a sour deal into lemonade.
I bought a rental house three years ago for $180,000 and it was a good deal at the time. However, now the FMV for the home is $140,000. There was a home down the street that I had been for sale for several months and so I called the realtor and asked what was going on with the house.
The realtor said that it was a short sale and that it had been on the market for 3 months. I asked how many offers there had been on the property and she said none. I told her I would like to make an offer of $98,000 and the realtor told me that the bank had approved the sale for $120,000. I then told the realtor that I would offer $101,896 and she wrote up the offer. Two weeks later she said that the sellers had signed the offer and that she was going to send it to the bank.
Now, if I get this property for my offering price I would have an average cost for both properties of somewhere near the FMV for the area. Next, if I buy another property of like kind for a similar price I will have an average cost for three properties near $126,000.
That’s how you make lemonade from lemons!
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