Found a preforeclosure this afternoon and submitted an offer. It's a 3/2 house built in 1971 that looks to be in good condition. There appears to be about $55,000 equity in the property: I can only find the first mortgage recorded against it and no other liens. There are no delinquent taxes owed. The property goes to auction in April and comps are in the $120,000 to $145,000 range. Listing price is $145,000 and I offered $120,000, all cash with a 15 day escrow. I gave them until 4 PM Friday to respond.
I think I might have been giving sellers too much time to respond to my offers. On one of my recent offers, I gave the owners over the weekend to respond. In retrospect, that probably wasn't wise, since that gives them the weekend to show the house and get other offers. Since my offers are generally low, I think I need to put some pressure on the sellers to accept or reject the offer quickly.
While writing this, I got a call from the agent. He's requesting I provide proof of funds, which isn't a problem. He said the owner is moving and is ready to sell. The agent sounds like he's going to try to get this thing sold.
Wednesday, February 23, 2005
House 11
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3 comments:
I must say, your blog is right up my alley.
I work with several real estate developers/investors/managers when I go back to Houston, and I am 98% sure it is what I want to do immediately after college.
The guys I work with are all established and wealthy beyond belief, so they deal mostly with $1,000,000+ commercial properties or large apartment complex's. Of course I'd like to first start small (I would like to finance at least ONE property by myself without a financial backer).
I was wondering, what was your FIRST deal, how much did you put down, how did you find it, how much did you make from it?
I would love to know!
-Neville
-NevBlog.com
Thanks for the kind words! The answers to all your questions can be found in my first three Key Posts. Look in the sidebar on the right and read the posts titled "The long story of how I got started", "Another step done... and more about getting started" and "It's done! Here are the final results."
Shaun, I need help setting up my Access database for foreclosure
tracking... :)
RE Agents can drop the ball more often than they slam dunk. If agents merely said "this is the offer... and I'll follow your lead"; there probably would be more deals happening.
My First 2 houses were sold without agents. Anyway, I always prefer to talk to the owner myself if possible.
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