Got a call Friday morning from a local lady wanting to sell - had a verbal offer on her house from a man who then called Thursday night to say he wasn’t going to buy. Offer was for $163K, house could sell with 1 month/15K of work for 190 to 200K. I brought in a local investor who has been doing sub-2s for a couple of years and we offered 125K cash or 133K with 60K up front sub-2 deal. They owe 73 in a first and second, on time with payments, no liens. Want to move immediately.
Anyway, I am hoping to make a few bucks in the process to stoke my advertising budget but this was supposed to be done at 3 PM yesterday and now it’s monday and we won’t know until TUesday morning! Ugh - it’s killing me. Just wanting to officially be in the game to some degree.
Anyone else have any situations where they had to wait and how did you handle it/not let it happen again? Supposedly she had to run the information by the lenders on the foreclosure property she’s buying to move to even though THAT sale wasn’t contigent on her selling THIS property. I guess she had to show she was getting funding from some source!
THanks for letting me just vent. 
Immy,
Congratulations on making a very good offer! It sounds like you’ve really got your act together. If they accept your offer, you should make some good money. If they don’t, you’re not out anything.
Waiting is just part of this business. I often feel like I’m being paid for the frustration and aggravation! Unfortunately, the waiting isn’t limited to a few days. Often, you’ll have to wait weeks or even months to get a great deal. I bought a duplex for only $11,000 but had to wait and wait and wait and wait some more before the bank that owned it (REO) finally came around. Patience certainly paid off in that case. This has happened to me many times and I’ve finally become accustomed to “waiting for dollars”!
You may very well get turned down on your offer. If this happens, tell the seller to keep your phone number and call you if she changes her mind. However, be sure to let her know that you’re looking at other properties and that you’ll only be buying one. Often, your offer will be like an ever increasing weight on the seller, and they’ll call you in a very short period of time to accept.
Good Luck and Be Patient!
Mike
Mike,
THanks for the words - you’re right, it’s hard to wait for dollars but ooh, when they do come in the payoff is sweet!
So I’m keeping my fingers crossed and will take the advice you gave and maybe that little extra pressure will help seal the deal within this month (let’s hope).
Immy 
Hey,
Congrats! Hope it works out for you. The great thing about this site is we all rejoice when someone scores a good deal. On the otherhand, everyone feels free to pile on the guy who screws up. But, with the info and help available that shouldn’t happen. Hope this one works out for you.
Peace,
Richard
Thanks.
Still no word - I tried calling to see what was up myself. No answer, so I left a message. Hopefully some resolution one way or the other will come shortly.
Immy
In my experience, “NO’s” come quickly, if that’s any consolation!
Great way to look at it!
Thanks!
Ugh, I am so frustrated - my little cut from this could pay for at least 3 months of advertising!!
ANyway, the seller calls me last night. Turns out she got a return call (on Monday night) from an investor who she called out of the paper last friday along with my ad. Made an offer sight unseen on the house at 153K which is 20K higher than ours (which we made Saturday!). Coming today to do an inspection of the concrete slab and termites - don’t know if this is a full blown professional inspection or not but supposedly the 153K offer is contingent on it. I’m just wondering what these people are going to think about their offer when they actually see the house. At 153 with a solid resale value after repairs of 190K you’re looking at a high 80% LTV on the onset of the rehab project!
I did all that I could do, which was to impress upon her through conversation that she had a bird in the hand with a firm offer and contract. That could close in 3 days, no less. She also called the end-buyer investor, who then called me and we’re trying to track down who these people are, as he said usually he’ll give a call and say that he’s put an offer out there and most scrupulous fellow investors will back off.
We’re not coming up on the price, but I just want to hear tonight one way or the other and be done with it.
Think I’ll have to run some errands in her area around 3:30 today (ha ha! 
Thanks for letting me vent . . .again.
Immy,
I often think that we get paid for frustration and aggravation, because that’s what we have to put up with in REI. However, just remember that there are a hundred other equally good or better deals out there. Try not to put so much emotional stock into any one deal.
In addition, you are NOT out of THIS deal yet - not until it closes. A million things can make the other buyer back out. The bottom line is don’t chase deals - let them come to you.
I’ve been working on a 5 unit building for about 3 months. The building was originally being offered for $145,000 and I offered $80,000 with the owner financing the entire thing, which would have been a good deal for me. The owner said NO WAY about 2 months ago. Since that time there has been a drug bust and all the tenants have been evicted. The price was reduced to $125,000 and the nuisance officer has reportedly been there about the mess. Therefore, I put in another offer for $80K and think that I have a good chance of getting it either now or in the next couple of months.
The bottom line is PATIENCE!!!
Good Luck,
Mike
Mike,
You’re right, it’s not over until its OVER. And patience is the key. It’s all a learning experience too and I’ve already learned quite a few tips for the next go-around.
Thanks,
Immy 8)
I cam pray for you if you think it would help…
“Lord, grant Immy patience…but please hurry before the onset of ulcers”!!
keith
Pray for Immy to have peace that passeth understanding because the seller just called and she’s going with the 153K offer. This was on a message on my home phone when I got home. So I am going to call her tomorrow and just chat it up about how things went, yada yada. And of course tell her that if something goes bust to immediately call me.
I’m just so bummed right now! 
Hey,
Immy, remember that you are to be investing money and not yourself into these deals. If you are a believer, then you know that everything that happens happens for a purpose and that, everything, even the bad stuff, is full of meaning and that it is meant to teach us something. Patience is a lesson that is continually taught us. Be thankful that you are being taught and good things will come.
Peae,
Richard
Richard,
You’re right. And coming off a full night of sleep, I feel better. I’m doing all I can to get the next motivated seller to call moi first!
Immy