Chasing Foreclosures! The Jacuzzi Condo! how to invest in realestate investing real estate investor beginner real estate investor invest

Chasing #Foreclosures! The Jacuzzi Condo! #foreclosure

It’s Foreclosure Saturday! We have a standing appointment every Saturday to meet with our Real Estate Broker and look at foreclosures. We believe the real estate market is poised to take off and we want to be on-board the rocket ship! Therefore, we are always looking. When you think of foreclosures, you probably think of properties in poor condition, and sometimes they are … In this case, we are viewing a 3 bedroom 2 bath ground floor condominium that is in good condition. It needs cleaning, paint, and minor repairs. When we entered the condominium, the first thing we noticed was the jacuzzi on the patio!

Since we plan to rent out the condominium, we are concerned about liability if the tenants have children. A 3 bedroom 2 bath property will attract families that most likely have children.

The kitchen has full-size, stainless steel appliances: refrigerator, stove/oven, and dishwasher. However, the stove/oven is too large for the space so 2 of the kitchen cabinets on the left, do not open all of the way.

The 2 full bathrooms are in excellent condition. They are very clean and have upgraded vanities and fixtures!

The stickers on the HVAC indicate that they are originals, therefore we know the HVAC will need to be replaced soon.

We submitted a bid for 10% below asking price, and the bank counter-offered at 2% below asking price. At this time, we are weighing all factors … Check back for updates!

UPDATE: We decided not to counter-offer the seller’s 2% discount off the asking price. We waited 3 weeks, and the bank has now lowered the asking price by $10,000! Our real estate broker says the real estate market is “tired” after an active Spring and Summer. Therefore, we are going to wait a few more weeks to see if the bank will come down even more …

Have you discovered any tips when bidding on foreclosures, particularly fixer uppers? If so, please share your tips:

  1. Enter your comment below
  2. Tweet us on Twitter
  3. Subscribe to our YouTube channel
  4. Follow us on Instagram
  5. Pin us on Pinterest
  6. Follow us on Google+

The opinions expressed herein are solely those of the Author/WebMaster. Before taking any action, please consult your real estate, financial, and legal advisors.


Leave a Reply

Your email address will not be published. Required fields are marked *