I just got word that my second offer got rejected. My agent said the listing agent informed her that both my bid of $50k and another bid were rejected by the bank. She said the other bid had "too many concessions" and my offer was "too low" for them. She also said the bank has already lowered the price from $98k to $93.5k and are pretty much sticking to their guns. I comp'ed the house at about $92-$93k, so I figure the bank will be sitting on this one a while. Just for me to break even, I would have to offer no more than 80% ARV, or about $73k, - and that's with $0 in repairs - so this one is definately out.
Onward and forward.
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