I've never had any luck getting a foreclosure. I'm too chicken shit to go in at asking price because I KNOW something is going to need some work or money thrown at it. Besides, I'm always looking for a deal. Ya make your money when you BUY and collect it on the sell. By the looks of this place, it's gotta be worth asking and more, but I don't know the neighborhood. Building that shop in todays money is an easy 100grand.
Keep in mind, the house was built in 1909. Its a small cape cod with small irregular shaped rooms. Its been all updated, but still has a dirt floor basement, and hot water heat. The stairwell to the upstairs is narrow, steep, and would make it difficult to bring any large furniture upstairs. Typical for the 1900 era homes built in the area. Pluses are the huge lot, and huge garage (man cave) no deed restrictions and located in a quiet low traffic area. Im keeping my fingers crossed. If it doesn't pan out then it wasn't meant to be.
Oh and the biggest deal breaker, when the wife wants to do the laundry she has to go out into the garage to do it.. I plan on fixing this problems, but I think it would certainly put off many family's.
We bought a small house for a family member recently, who wanted one near the university. I found out that "near the university" means 1. Expensive, and 2. Hard to buy. We went through at least 20 houses, multiple offers, bidding wars, you name it, over a one month period, and I had reached the point were I was ready to throw in the towel. Finally a "fix it upper" came on the market and we were lucky to get it, although even that one already had a bid on it within 30 minutes of going on the market. We had to put a lot of money in it to make it look halfway decent, but in the long run it will hold its value and be a good investment. Buying houses can be a real roller coaster experience. Fasten your seatbelt.
Yeah walking across the yard to do the laundry would be a deal breaker for my wife. If you have the room, it's an easy fix because you HAVE a basement. Pat is right, buying a house is an emotional roller coaster. You buy a house with your heart and sellers know this! Kinda like taking your dog to the vet. Get out your wallet.
Ok, the bid was submitted on Saturday, and now today (monday) received an e mail asking for highest and best as there were multiple offers. Funny thing is im on the east coast and the bank is on the west coast and its just a little after 9 am here. Wow!! learned something new, banks open at 5 am in California!! Judging by the quick response I think I got it. Should know for sure in the next day or so. Will be stocking up on spaghetti O's
Well apparently we were outbit. Now im calling the real estate commissioner. Here is the listing https://www.zillow.com/homedetails/208-Washington-Ave-Wilmington-DE-19808/73017401_zpid/ we were asked for our highest and best yesterday and put in 255K thats 10K over asking You have to be friggin kidding me!!
Count your blessings David. As much as I hate to say it those SCUMBAGS were trying to scam you. The economy will crash again! When? Only God can answer that one but man kind never learns from their mistakes and repeatedly do the same ole dumb things over and over and over again. Just looks at the signs. Most of America is drowning "AGAIN" in debt which they will never be able to repay, etc., etc. Housing values are WAY over priced just like they were before the last Recession (depression). Just a small word of advise to everybody, I don't care what it is your negotiating to purchase, it's a "business" transaction. Don't let your feelings / emotions get involved in the negotiation / purchasing process. And whatever you do, Don't EVER let anybody involved in the process (including your representative) know what your personal emotional feelings are. It's nothing more than a poker game. From a legal stance, ALWAYS, ALWAYS, ALWAYS, get it in writing or it never happened (no matter how trivial it may appear). EVERYTHING gets put into written documentation. PERIOD. What until the economy crashes again and pick up another property (or that one) for half price. Patience is a virtual Grasshopper. Deep breath buddy, deep breath. And yes, contact the commissioner's office. The smell of skunk is apparent.
The only thing they told me is that our best and highest was rejected. Im over it. Time to order some more silicone....
David, The place I'm in now was from a foreclosure sale. The first time I bid on it I offered 5K more than I got it for the second time. Yes, in Oct I made an offer the bank said it wanted 27K more. I walked away. In January they relisted the place for 5K less than I offered the first time. The bid was accepted the second week of January.... I got the paperwork signed (no Keys...non to be had) the 28th of April (2015). Let's just say this I "Moved" in the second week of November. I had to put about 15ish K (doing the work myself) into it to get it livable. (all the water lines had frozen. about 1/2 leaked. All were replaced. There's still electrical lines hanging in the basement that we don't know where they go!!) but the 925sqft house has a 1425sqft garage out back and a 1 car stall in the basement.... I'm happy CBB I guess the moral of the ramble is..... don't blow the whole wad on the house when it's a foreclosure.... Fixing it is going to cost more than you think!..... or you enjoy ramen noodles a lot!!
Tell your agent, you will not be using him in the future. You've lost this one, no biggie there is always another.... But I sure would like to see the correspondence that went with this one. No worries.
So I was working a deal on another house. Awesome location set back in the woods right off the elk river. Killer view 3000 sqft all brick home with 2 fire places, raised panel walls and a 30x30 garage. Hold up was there was a 1000 gallon buried heating oil tank on the property. We just about had the oil tank issue resolved.. Then a tree fell on the house So now I've bought a farm, no nearby trees lol anyone have a good tractor forsale???
Yes. It was a foreclosure/ HUD home that I put a bid in on. It's going to take some work but the price was right. Lol.
