Here is a video of the property prior to our initial offer:
The purchase was a long time in the making. The property was originally listed for $77,500 on September 25th of 2009. On October 8th it was reduced to $63,900. On October 26th it was reduced to $54,900. On November 27, it was reduced to $50,900. That is when I started to take notice of the property. We placed our offer in at $50,900 and then canceled after inspections. The bank reduced the price to $45,900 and my next clients placed an offer of $42,000. After inspections, we were able to get the bank to reduce the price another $1,900. We closed at $40,100. Here are the price points in time line chart form:
We estimate that post fix-up value on this property will be somewhere around $85K-$90K. Stay tuned for before and after videos when my clients are done.
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