Two More Offers Submitted

Even though most of my efforts are focused now on the property that was accepted, I realize I can't rest on my laurels and shut down my business for this one property to pan out. I have to keep the machine rolling.

I found two more properties recently that look to be ideal candidates. Interestingly enough, they are on complete opposite sides of the spectrum. Here are the details:

Offer #12

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Description: 1994y, 5/3, 3400sf
Type: Bank REO
List Price: $250,000
List Price/SF: $73.53
Repairs: $5,000
Comps: $69/sf (lo), $112/sf (hi), $82/sf (avg)
Offer Price: $190,000
Offer Price/SF: $55.88
Resale Price: $242,000

This house is HUGE. My wife and I had considered buying this house for ourselves, but after discussing it further, it just didn't seem to fit our specific needs. It has a HUGE gameroom and the secondary rooms are big, which we liked, but we just didn't like the layout that much. It has - I kid you not - dull lime green paint in the lower level, which I feel is turning a lot of potential buyers away. Also, the appliances look a little outdated, and would probably need replaced to make it a qiuck sale. Other than that, I didn't see any other needed repairs. It also sits next to the golf course. The agent thinks the bank will drop their offer price, since its been sitting a while.

Offer #15

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Description: 1978y, 3/2, 1700sf
Type: Bank REO
List Price: $85,000
List Price/SF: $50.00
Repairs: $20,000
Comps: $59/sf (lo), $102/sf (hi), $77/sf (avg)
Offer Price: $60,000
Offer Price/SF: $35.29
Resale Price: $105,000

This is a rehabbers dream. It is not the ugliest I've seen, but it is in pretty bad shape, and will need extensive repairs to make it marketable. I initially submitted a bid for $50,000 to my agent, but she said another offer was on the table (she didn't know how much, though). The $60k offer was my highest, so if it doesn't go through then I'll drop out. The listing states it has an above-the-ground pool, which I find funny since the pool is on its last leg. I would definately get rid of the eyesore. There is also has a small workshop in back, which is kind of neat. The biggest surprise was the kitchen cabinets - bright pink (almost burns the eyes). They look to be in bad shape, too, so they would need to be replaced. The carpet isn't too bad, though. I'd have to get an inspector in to see what other damage there is (thus my $20k repair assessment).