Another Rejection, Another Offer, Some Other Prospects

Another Rejection
I found out last Friday that Offer #1 was rejected. In a way, I was kind of glad, because it required some significant amount of repairs. I really don't think I have the time or resources right now for a big rehab job. So that makes two of my first four offers shot down. I'm still waiting on word from the other two (I believe they are both bank REO's).

Another Offer
Also last Friday, I met with my RE agent to tour three properties. One was the proposed offer #5 from my previous entry. After touring the property, I felt I could increase my offer price and still come out with a nice profit. The inside only required a few cosmetic repairs (i.e. slightly scratched paint, stained carpets), from what I could see, but I'll have a professional inspector tour the property if my bid is accepted.

All the bedrooms are upstairs as are the two full baths. There is a powder room on the first floor, and the common areas are all carpeted. Some things I noticed this time around were that blinds were installed, a nice refrigerator, a washer (but no dryer?), and a nicely detailed kitchen. I did notice that the countertops were faux corian (formica made to look like corian). Also the back porch is both covered and has an exhaust on the "roof", which I thought was unusual.

After getting back to the RE agent's office, I offered $118,500 for it. Unfortunately, since it was a HUD, I needed a cashier's check (or money order). I had to wait until the next day to get one at my bank. No big deal, because biddings on the house didn't end until Saturday at midnight. It just meant I had to make another trip to the RE agent's office to make the bid. Hopefully, I'll here a 'yea' or 'nay' today (According to my agent).

Some Other Prospects
I am starting to get a little overwhelmed with all the daily prospects I am seeing. As I said above, I toured two other properties with my RE agent last Friday, plus the HUD listings for the week came out this past Saturday. So many properties to analyze, and so little time. The two properties I looked at last Friday were both older homes. The first looked in fair-to-bad condition. It had some rotting wood on the siding, some holes in a couple of cabinets, some rotting in another cabinet, terrible paint in some rooms (bright pink, bright yellow, and dark blue), a lot of stains in the carpet, and so on. I would estimate repairs at $10-$15k at least.

The second property looked great for its age. There was new ceramic tile in all the common areas (albeit a blue-grey tile), like-new appliances, nice landscaping, and an overall good appearance. The only problem I saw was a crack in the ceiling drywall in the hallway. The crack is about 2-3 ft long and maybe 1/8" at its widest. It also goes down one wall to the top of a doorframe. I would definately ask the inspector about this if I persue the property. I figure this property would make a good rental or L/O. I'll do some more analysis and probably submit a bid later this week.

I also found a property via a listing last Friday. I went to look at it by myself yesterday (Sunday). Its a nice 3/2 in a slightly newer subdivision. It was built in 2002 and the asking price is $112,000. I'll probably submit a bid on it as well later this week.