Shenandoah-the lender didnt like my offer, and the stated that there was an offer pending. Christie - is a BofA property. Note: BofA requires all bidders to he prequalified by BofA. Even though I'm an investor and paying cash, they want to pull my credit, see my paystubs, and complete a 1003. I asked the LO if she could waive the pQ based on my information. She said no. I told my realtor to submit my offer anyway with an explanation re the missing BofA PQ letter. We'll wait and see.
Justin sent me a list of 34 properties from the Richardson/plano/McKinney/farmers branch area. I cruised through and selected 17. But I decided to take a different approach. On a spreadsheet I put all 17 properties with asking price, then Zillow estimated market value. Then I added a column toff the tax value then another column for my market value per a market evaluator I use on InvestorBlock. Then I determined an offer price, property unseen. I sent the spreadsheet to Justin and told him to write up 17 offers (only one was a HUD property. The rest were individual owned or bank owned). Then I'll see what comes back. Probably counter offers. Then I'll visit those properties and determine the status of the counter offer. That way I don't visit 17 properties (gas and time) and I'll see who's serious. And I can use my option period to back out if I want to, or to amend my offer based on my inspection of the house. Yes, I may miss some good deals. But I will have a better chance of making a good deal on a good property. And I'm only trying to get one house right now anyway.
Any comments, let me know. Questions? Maschellhammer@yahoo.com. And please be sure to let a y of your friends or acquaintances that might be interested in real estate to subscribe by email to my blog and watch me as I go through the process of finding, buying, rehabbing and renting/selling a property. The more people we have involved, the better.
Mark
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