Offer Accepted on Bathroom Hole House

 

My offer has been accepted on the Bathroom Hole house. Initially, I was not able to get into the house. A small bathroom window was open and I tried to climb in and I barely fit into the window. When I got half way in I saw a hole in the bathroom floor – right under the window. The hole was about 3’ X 1‘ and I would have fallen in if I climbed in. I have never been inside this house.

I conservatively estimate that this house will sell for $100,000 which I explained in a previous post. I will be getting it for $32,000. I do not have a detailed repair estimate, and I have not even been inside the house.

The Negotiation
I originally offered $23,500 as detailed in my original post. My agent had to enter the offer into a web site and there she found that there was another offer for $33,000 with no response.

I increased my offer to $30,000, but it would be cash, close in two weeks, 10% earnest money, and waive the inspection period. I was hoping this sure-deal would carry more weight that the $33k offer – or at least get a highest and best request.

The seller countered the next morning with $39k.

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Made an Offer

I made an offer on a listed bank owned property. This is my first offer on a house with the intent to flip it. I have not been to the house. A friend found it when looking for a primary residence and told me about it. He said the AC unit is stolen (and it may have had two), it needs a roof (he thinks), and it has a pool that is in bad shape.

I estimated the value at $100,000 and the asking price is $44,900. I offered $23,500 with these terms:

  • All Cash
  • I will close in 2 weeks
  • I will waive the inspection period.
  • I will provide 10% earnest money when an offer is accepted.

I don’t expect this offer to be accepted but I hope to get a counter. I don’t want to be in this house more than $65k total. If I get a counter I will go to the house and make a more accurate repair estimate.

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