Well, I’ll share a little story about the a short sales condo that fell apart…
I offered slightly more than the asking price and what I thought was a reasonable offer, since there was probably around $3-5k in renovation that needed to be done… My offer was accepted and it was going through the short sales process. Well, bank came back and told the seller, “sorry, we’re not going to allow you to do a short sales”… I guess they looked at the property, looked at the area, looked at the seller’s finances, and figured he could carry the property with a tenant and denied the short sales…..Seller doesn’t want to be a landlord, and decided to relist it recently as a traditional sale $10k higher… I’m told it just went pending….
Still pretty brutal market in the better parts of town these days…
Timing is just off. Before, there was a lot of property, I had less cash at my disposal (plus I generally didn’t have as much time back then)..
Now I have more cash and time to deal with this, and inventory where I want to do it in still stinks…
One day, the stars will align…
I think in a couple of months, and “average” 1/1 in MM will break through the $200k mark if things keep at it.
