The Chameleon that is REI

I tell you, so much can happen in a matter of hours or even minutes in this business.

First, three (and not two) of the latest offers were HUD's pending a waiting period, so half my new offers will have to wait until Saturday at midnight before they are "officially" submitted.

Second, the property the bank countered on is not budging from their new price (so sayeth my RE agent). They are going to see if they can get any offers on their $108k price first. I told my agent to go ahead and resubmit a new offer of $86k anyway, so they have my offer in their records. I checked the daily listings this morning, and sure enough the bank has listed it at $108,300. I figure someone will swipe this up as it is a good buy at $108k (IF you don't have to worry a lot about fees and whatnot, like I do).

Third, I stopped by one of the Freddie Mac foreclosures on the way home. This house is BIG. It's 3400sf with a 3-car garage. I peeked in the windows, and the inside is very nice. It has light beige paint on the walls, a beautiful staircase, a nice fireplace, and detailed woodwork (crown moulding, chair railing) - and that's what I could see on from the outside. My agent said they dropped the price from $265k to $250k, and would probably bite on lower offers. She mentioned submitting an offer for ~$179k (almost 70% of list price), but I could probably bid higher if need be to make a profit. I still haven't run comps on the house, but its in a nice neighborhood that is seeing houses sell rather quickly (which makes me wonder why this house hasn't sold). It has been on the market for 200+ days. I told my wife about it, and she is wanting to see it as a possible future home for us!

Fourth, of the two offers I submitted, only one went through on fax yesterday, so I had to resend the contract this morning. Two things I'm finding I desperately need in this business: a cell phone and a fax machine. I don't have either. I use the fax machine at work, but I can't continue that practice as things will definately be picking up.