Well I made the offer I mentioned in my last post but as it turns out it went to someone else. I offered $210,000 all cash and close in 15 days. The bank is accepting an offer of $214,000 that will be mostly financed and close in 60 days. So I guess I’m not going to Flip That House.
Now I have to wonder how much the extra 45 days is actually worth. Here I was offering to close in 15 days and they are accepting an offer that wont close for two months. And what if the buyer can’t arrange for the financing. They will have to start all over again and how much will that cost. It sort of goes to show you the mentality of the bank executives that make these decisions.
Well that one may be gone but I found another one in Riverside I like. It is another foreclosure and the bank is asking $275,000. I went to look at and this one pile of dog s__t. It is a 3 bedroom 2 bath and has a pool. But this thing is in pretty bad condition. The carpet is black with stains and mold, holes in the wall, windows broken, doors missing, leak stains on the ceiling, cabinets missing, appliances rusting and the pool is an inviting emerald green color. There are weeds growing into the house from outside through the sliding glass door and the landscaping is about 2′ tall. You might call this one a fixer upper.
Apparently this thing has been sitting there for over a year now and nobody is looking at it, so I may be able to pick it up fairly easily. Only thing is there is no way its worth $275K. I see about $100K in repair costs.
Next thing I am going to do is prepare an estimate of the actual costs to do the repairs so I can determine what I can offer. I’ll keep you posted. In the mean time check out www.FlipThatHouseWebsite.com
