Bank Accepted my Offer!!! - Posted by Mich_Mike
Posted by Mich_Mike on March 19, 2002 at 10:41:31:
Well, I have been at it for 5 months now. I finally got a deal and I am scared to DEATH!!!
This is a post-sherriff sale, deal with the bank type deal:
Money to Seller for Deed - 1,500
Payoff to Bank - 61,600
Repairs - 20,000
Of course, since this is my first deal, the repairs are my best guess. I truly hope that I am not underestimating them. My sister is putting up the money to the lender, so there will be no payments while fixing her up. I am going to put up the money to rehab and pay off the seller.
I believe that my sister and I will both pocket 10K minimum from this deal. That is barring any unforeseen costs (of which I am sure there are many that I missed).
I am proud of myself for dealing with the bank and the seller to get the price down (original asking was 97K).
My sincere and heartfelt thanks go out to everyone on this board. You have been like a shining light for me, keeping me focused and on track when the shadows of self doubt crawled up on me.
Sorry for the long post. I had a short term goal of getting a deal prior to the convention. Now I will have something to talk about in Atlanta.
Wish me luck!!