Accepted Offer?

I was looking through the REO's earlier this week and I saw one that I hadn't put an offer on. I saw it listed and even inquired about it with my realtor but never put an offer on it. Weird? So I told her to put in an offer of $51k. It is listed at $75k and ARV is $120k. Two days later we got a counter from the bank for $53k - SWEET! I thought, "Finally!". Today I went out with my contractor and there are some issues - CRAP! The house needs to be jacked up to replace some rotting wood in the basement. He seemed to think it wasn't that big an issue, $5k - $7k but it would definately need repair. The bathroom also sags so reinforcement is needed there too. We did not see this stuff when we went through yesterday (me and my realtor) so I'm glad I have him check out all my houses. This is the first big thing he's seen in all the properties we've gone through - worth the money to me!

So I had my realtor submit a counter at $33k. My contractor thinks the major repair will be about $20k (max) and I think the cosmetic/interior work will be about $20k (max) so there is my offer. I do not think they will take this offer but I can't afford to sit on a property with structural issues. Either way the bank will now have to disclose this issue and fix OR come down drastically in price.

Nothin' else happenin'... All my other offers were rejected : ) I still have that auction next week to look forward to - ha, ha.

Oh yeah, for the above property the bank is requiring proof of financing 7 days from acceptance. I wasn't sure I would be able to submit this BUT I called the lady from the local bank I used for the last flip and she said no problem. They still have our information from before. How cool is that?!?! She said as long as it wasn't falling over it wouldn't be a problem!

Somthing comical... I put an offer on a property a long time ago for $51k, the bank rejected. Since then the bank has lowered THREE times and each time I submitted an offer. This past time their counter was close but not close enough. Today it was relisted for $54,900 - ha, ha! I'm surprised the listing agent didn't call my agent to see if I was still interested?! Anyway, we're submitting another offer at $40k just for shits and giggles. The listing agent told my agent they would probably reject... whatever. Screw 'em.

That's it for now, everyone have a good weekend!!