We're set to close the first HUD property this Monday, June 23rd. I'm sure you've heard, the midwest has had terrible flooding and it has affected the neighborhood I'm buying the house, unfortunately. My realtor has gone out to look and so far so good BUT we're going to take another look on Sunday just to be sure the river has not found it's way to my house. So far I have 4 people who are going to look at the house - 2 are cash buyers and the other 2 I'm not sure about. I'm hoping one will sign a contract. However, if they do not I'm going to put in paint and carpet and sell for a bit more money. Homes in the $85k range in this area (pre-flood) were selling very quickly. I think I could list the house for that price after minor updates and sell fast - I hope. I'd rather do a wholesale deal but I'm not sitting on this one like I did the duplex. I'm going to set up appointments with painters/carpet people next week.
I saw another house that I put an offer on a while ago back on the market. There was an offer that apparently fell through. This was months ago, I can't believe it has taken this long to get back on the market? Whatever... we're going to put an offer in tomorrow. It's listed for $59k and my offer is for $47k just to see what they say. The ARV would be around $125k. Unless there is something majorly wrong with the house, it is another great deal -- even at the $59k. I just cannot offer full price though. We'll see what the counter is, if any. Actually, IF they did accept this offer (or something close) it would be really hard for me to come up with funds to close since I have the other 2 properties under contract. I guess I'll cross that bridge if/when I come to it.
I'm going to meet the pre-foreclosure guy tonight at his house. I'm dreading it so bad. I just know he's going to back out or not be interested or whatever. Anything to waste my time. Boy, have I gotten sour on homeowners?!
Think that's it for now......
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