Finally making more offers

We are submitting 4 offers this week - finally! I have been watching properties to bid on but never had my realtor submit. Not sure why? I think I'm a little gun shy since we already have the 2 under contract. Sooo, I'm submitting very low offers. Offers that will be "laughed at", I'm sure. But that's the kind we're supposed to make, right? Not expecting any to get accepted BUT I just need to get "back on the horse" and DO something.

Had a couple more people go through our property but no offers. I guess I'll have to settle for not having an offer on the house in the first week : ) Still stressful but we're working our way through it.

I think I will need to buy the other property with a HML and then get refinanced out of it. My problem will be getting refi'd out of it, I think. I will have to do the same thing as everyone else and find a small bank to do it for me. Even that will be difficult I think. Then I will try to market for sale for a couple months then do O/F if it doesn't sell (which I don't think it will). In fact, I'm still having second thoughts about it. I'm thinking I should have the mortgage guy get me out of it. I feel like I made a commitment and need to follow through but on the other hand my gut is telling me it's not a great deal. Follow my gut, right?!

2 out of the 5 showings

According to my realtor both showings went well, however:

1st showing: The buyer did not like the cabinet placement in the bathroom. Okay... change it. I know, it's the market we're in. Everyone wants something for nothing for houses these days (including me!). My husband keeps saying, "it's $25k under value what do these people want?". A perfect house!

2nd showing: Divorced woman who just started looking. She's not going to buy anything yet...

I know it's only been on the market a week but I wanted to see some action! ACTION baby! Of course, me being me, I'm a nervous wreck about selling - IF I'll sell, WHEN I'll sell, IF we'll have to take a big cut in price, etc, etc. I guess we're going to wait a month and then lower the price. Urgh too much stress for me! I'm like a roller coaster of emotions - happy, excited or bitchy and freaked out. My poor husband!

My biggest concern is holding both properties at once.... Last night my husband and I talked about the 2nd property b/c there isn't as much spread as the first property. We decided to "go for it" and see what happens. Right now even a small profit is better than no profit.

I need a little luck on my side these days. It only takes one buyer....

5 more showings....

Well, the girl never came back through with her dad. Not sure if they just haven't found the time OR just not interested. According to the realtors she really liked the house?! We are need to hear the truth about what people like/don't like about the house so we can tweak here and there.

At any rate, my realtor told me yesterday there are 5 showings this week. Let's hope something comes of one.

I'm going to the 2nd HUD property tonight to view and make sure there is no water damage. Shouldn't be...

I haven't been putting in offers lately just because, well not really sure why? There are a few I would like to submit on but I think my mind has been on other things. One being I can't stand my job and the thought of coming back in 3 months (after maternity leave) is killing me already! My boss, as I've stated before, is an ass - just a spineless ass. I guess I should be lucky I have a job though, right? It gets the bills paid, for now. I am going to look through properties by end of week and submit offers either by EOW or early next week. I HAVE to get something in the pipeline.

Nothing else new for now...

First Showing

Day #18

We had a showing on the house last night - the girl who has been waiting to go through. At least that is what my realtor tells me. Apparently she liked what she saw b/c she is going back through this weekend with her dad. Keep your fingers crossed for me! I am in no way, shape or form getting my hopes up but you never know!!

We also signed a contract last night to list the property for 3 months. If it doesn't sell within 3 months, we'll have to rent or o/f. Don't really want to do that b/c I've got a lot of money out with downpayment and repairs.

I went to look at a property in the same town as mine that is listed for $97k. This is the REO where they countered with the same price? Well, we looked last night and it is a piece of shit! LOTS of repairs needed. Now, the realtors need to take buyers through that one first and THEN take them through mine! ha, ha, ha.

I am going tomorrow night or Saturday to clean a bit. It needs to be sparkling or the best I can get. I'm really not looking forward to it since I am friggin' 9 months pregnant! Damn... I can honestly tell you that I despise cleaning anyway, even my own house. In fact, when I sell this one I am going to get someone to come into my house once a month to clean. My 2 big ass dogs keep it nice and dirty for me (Norman, my St. Bernard and Pabst, my choclate lab). I will have to get pictures up here! They're so damn cute! I'll also try to post some pictures of the house...

Updates...

Day #17

The hardwoods are done, the minor roofing issues are complete, new stairs coming into the front door are done, carpet is going in as we speak (I hope), power washing is happening tomorrow, trim is going in around the front door Saturday morning, the "painter" is coming back tomorrow to fix his fuck ups (excuse the language) and then it will be going on the market Saturday at $99k (ARV is $125k). The house still needs some updating but it is definately "move in ready" now and they can make updates as time goes on. At least that's how I see it... we'll see how buyers react. We're offering bonuses to both agents and a 3% credit to a buyer also. Anything to get the house under contract ASAP!!

The buyer for the 2nd HUD property is not writing. He is upping his offer for the short sale property with First Horizon. I just do not know what this guy is thinking?! Even if I didn't have the other property I wanted him to buy, I would still think he was an idiot for upping his offer. Again, the ARV for the ss is about $150k and repairs are between $35k - $50k depending on foundation issues. His current offer (that the bank declined) is $110k - already too high in my book. Now he is upping the offer?! I think he's nutso. Too many other good deals out there. He will be using the house for a rental but still, how will it cash flow? Inquiring minds want to know!!

I printed out the fax for the new short sale I will be working. You know, the one I really don't want to do. BUT, I figure I have some time on my hands so I'll just submit and see what happens.

Not happy...

Day #15

Why in the world did I think we should "prehab" this property?!? I soooo do not know what I am doing! Yes, I am definately learning the right and WRONG way to do things but there seem to be too many wrong ways! ha, ha. And, the budget has gone up another $1k - of course. Now we are looking at $7k. There were some roofing issues that I didn't know existed until late last week... urgh! Next one will go smoother, right!?!??!?!

Okay, so we went to the house on Saturday and I was not happy with the paint job at all. He did a really crappy job on the lower level. He started with the 2nd floor and that looks okay but he must have been in a rush to get the first floor done and it doesn't look good. I told my husband it looks like an REO I would look at and say, "new paint job". We had a friend do it... I know... I don't even want to go there! 'Nother lesson learned. Anyway, we are refinishing the hardwoods on the first floor and doing carpet on the stairs/2nd level. I'm hoping beyond all hope that once this is done it will change the "look" of the house. Also, we're getting the outside power washed so, again, I'm hoping it will look "prettier" on the outside. I'm becoming a nervouse wreck!!

I actually got a fax from First Horizon re: the ss I've been working on since December '07. Yep, 7 months later and they still declined the offer. Seriously they have their heads up their butts! Remember I am only working this for the LM fee and the realtor has a buyer (the guy I was hoping would buy my 2nd HUD). Depending on whether the buyer will up his price by $20k, he just may buy my HUD after all. Either way it doesn't matter to me, I'll be making about the same on either deal. Just so long as one goes through, I suppose.

The 2nd offer I put in last week was countered at list price, list price! Why not just decline my offer? I'm still going to look at it on Saturday b/c I'm going to be in the area. What the hell.

So that's it about now. I need to find another wholesale property to quick flip like I did a couple months ago, we're running low on funds - AGAIN. I can't wait until that is not longer an issue. Does it ever go away!?!?!?

Change of plans...

Well, Home Depot completely pissed me off so we are no longer going with them. All over $159! Long story short they neglected to tell me about the extra charge ($159), just put it on the bill and asked me to sign. When I questioned the one girl said she would talk to mgmt. I never got a call back from her so I called again. This lady told me I needed to call back at 0730 the next morning. When I told her the other lady was going to talk to mgmt she said, "You need to call back tomorrow morning at 0730!". I hung up on her... I was soo pissed. THEN my realtor said her husband works for a flooring co. and maybe he could match their price (why she didn't offer his services before?!). Anyway, he was on the same page price-wise as Home Depot so he went out to measure. The whole bottom level (except the kitchen) has hard wood floors so he suggested we refinish the whole downstairs hardwoods and just carpet the stairs/upstairs. My husband and I discussed this but it seemed like it would cost too much. At any rate, by refinishing the hardwoods downstairs we'll add another $500 to our budget. I think I am going to be roughly $1k over budget. I wanted to be somewhere around $5k but it's probably going to be closer to $6k. My realtor has someone that's been waiting to go through after everything is in and wants to see it on Tuesday. My husband and I have been running our rears off trying to get everything done by then BUT if we re-do the hardwoods I do not think that is going to happen. She can wait another day or 2, right?! Wouldn't it be "perfect" if she bought the place!?!? Wishful thinking, I know. I want to do an open house in 2 weeks if she doesn't write.

Not sure if the landlord is going to buy my other HUD property. I haven't heard from him in 2 days and he's the type of guy who would email the same day, if possible. Soooo, I'm thinking of just fixing the one room and either trying to sell or do a lease/option. These damn HUD properties are very, very hard to show prior to closing!! That's the one bad thing about them!!

I put in another offer this week on a property in the same town as we're doing the pre-hab. I hope they at least counter, it's in a nice area!

Well I'm heading out and will be running around this weekend for the house, I'm sure!

Day #10

The carpet is ordered, measured and should be installed by EOW or beginning of next week. Yes, I'm already off schedule. I also forgot I need to get the front stairs repaired. Not a big deal but trying to get someone on the phone is ridiculous! One out of 4 people answered today and he said he'd give me a call back in 30 minutes... that was 2.5 hours ago. Niiice. Oh well, it's going on the market once the carpet is done and we'll just say the stairs will be done b/4 closing.

Apparently there are birds/water getting in to the attic from a broken eave (we think) so my husband needs to get out there and repair it asap?! I put off the power washer so we don't soak things. AND we're starting to get more rain here. Even pre-habs are a pain!!

The guy who wants to do the short sale faxed me his info. 2 days ago. Hmmm, what's it been? 2 or 3 weeks? I just don't know what to do with that? Do I want to take it on? No, not really. Haven't decided yet. Suggestions are welcome (and no, I do not know other short salers around here to refer the deal).

The other offers I put in were rejected. I put in another offer yesterday, we'll see. I've been watching some HUD properties but they have not gone down yet. Nothing in the pipeline...

I sent an email to the guy who was interested in my other HUD property for sale (the one I haven't closed on yet). I just want to know if he is going to write or not. If he doesn't write than I need to start the ball rolling on my end.

That's about it, nothing new unfortunately!

Day #4

Almost all the painting is done in the house. The painter ran out of paint so we gave him something very similar that we had at home. It was a little darker so he mixed with white paint but it's still darker. Oh well, one room a little darker than the others shouldn't be a big issue?! I have NOT ordered the carpet but have been comparing prices all week. I would love to use a local carpet store but they are so much more expensive than the big stores (i.e. Home Depot). I've compared 3 places and Home Depot seems to be the best route as far as price and convenience. I am going on Sunday to order.

The plumber has got everything in working order so that's done.

There is one window that is missing the glass pane we'll need to replace. Didn't notice it before but should not be too expensive to replace.

I want to get a used refrigerator and stove.

We have a guy coming out to power wash the exterior next week.

I also didn't notice that the washer and dryer sit in the kitchen. This is very concerning to me as I would never buy a house (personal residence) where the washer and dryer are in the kitchen. Now, my only saving grace is that I will be selling the property $25k - $30k under value. Hopefully this helps people "overlook" this OR decide they can move to the basement?!

I think that's it for the pre-hab....

On to our 2nd HUD... We did get the "official paperwork" back today. I sent an email to the interested buyer and he's going through with his realtor. I am SOOO crossing my fingers that he writes! At the price I'm selling to him we would only make about $4k but that's enough to cover our expenses during my maternity leave which is what I'm most concerned about now.

I am also getting my realtors license this year. I was planning on doing it at a live seminar during my maternity leave but am thinking that may be WAAY too hard (I always think I can do more after the babies!!). I think I'm going to do the DVD's not the live session. It is recorded classroom sessions. My last day at work is the end of July and I'm due August 15th. This way I have 2 wks to do the DVD's and, hopefully, take the test prior to baby being born. Jeez, just typing that it seems like a difficult task. That's my plan, we'll see if it comes to fruition!

I'm going to the lake for the weekend am looking forward to it. Hopefully I'll relax a little bit!! Hope everyone else has a great holiday weekend!!