In my last post I stated that I had made an offer to the bank of $104,000. As expected, they didn’t just leap at it. They countered at $245,000. Still a big gap between us, but at least they’re talking. They came down over $30,000. But I still want to Flip That House on Polk Street.
I think the biggest problem is that they just don’t realize what it is that they have there. My next step is to increase my offer but not by much. I am also instructing my realtor to give them a description of the property to the bank that describes the current condition. I put it together and gave it to her to submit in her way.
I am also moving my offer up to $106,000. I know what you’re thinking - that’s not a big increase. But they also need to know that I don’t have a lot of room to move here. After all, I estimated the repair costs at over $100,000. And right now I am the only one that has shown any interest in the property in over a year.
I’ll keep you posted. In the meantime, check out FlipThatHouseWebsite.com for more information on house flipping.