While I haven't yet submitted this offer, I wanted to give the particulars about it. It is probably my second favorite (the first being the major rehab).
Type: HUD/VA, 2002, 4/2.5, 2472sf SFR (same area as offer #3 and #4).
List Price: $120,000
ARV: $140,000
2004 Assessed: $141,070
Repairs: $2,000
Monthly Costs: $1,135
Sell Costs: $11,290
MAO = (0.7)140,000 - 2,000 = $96,000
First Offer: $86,000
Very nice home in a nice neighborhood. If I was an expeienced investor with a lot of cash, I would offer more for this property. I never got inside, but I was able to peek inside. It has a beautiful kitchen, complete with a regrigerator and corian countertops. Since this is a HUD/VA, I don't believe there is any counterofferings allowed. They just get the bids, review them, and either take the highest or start the process over again. However, before anything, I need to get a prequal letter. Hopefully, I'll get in touch with the loan officer today and he can fax the letter over to my agent. She can then draw up the paperwork, and I can swing by there after work to sign the docs.
Damn. This is getting exciting!
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