The Comback House Came Back & My husband was right...

We FINALLY closed on the Comeback House (and successfully I might add). The closing was Tuesday afternoon but I have not had a chance to post since. We lost more money than I originally anticipated but as I said before I've come to terms with it. Hopefully the next house (closing with HUD 11/16) will cover that loss. I had a buyer who was biting at the bit to get inside. She is pre-approved, she rents at $1,000/mo and is looking to buy in this neighborhood. At the price I'm selling she would be looking at $650/mo (w/ taxes & ins). Anyhoo my realtor said she would take her through and then backed out at the last minute. Of course, I shouldn't have expected anything less. Soooo, to make a long story short, we have a meeting set up with her broker to see if I can become her assistant, get access to mls, lockboxes, HUD KEYS!, etc... If we cannot work out an agreement I told her I was getting licensed. Period. End of story.

On to the $43k house... we went out with our inspector and it seems the property does not sit on a foundation. It was sitting on concrete bricks. Nice. We obviously could not continue with the deal, no one will be able to rehab the house without putting in a foundation and the house is not worth saving so it would be a knock down/rebuild.

There are a few more HUD properties we are looking at. One came on the market this week in a nice area (we sold a home there earlier in the year) at $50k. It is a nice size 2/1 with a 1 car garage. Unless it is crap on the inside we could probably list for $69k. However, the HUD condition report did not state anything that bad but we will see. We are also going to look at a few other properties.

For those who would like emails sent to them when I enter a new post, please send me your email and I will mark you down as wanting updates. My email is eobrien15@yahoo.com.

I think that's it for now. Will update with our findings this weekend.