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For those of you who are wondering if the lenders might be dumping on price to cleanup the books before the end of the year…….remember this one? 

We’ve had 16 offers, four failed escrows, two termite reports, a mold report, mold remediation paid for by the bank/seller, and the most annoying part – 278 messages on the system just to sell one dang house, and it’s not done yet.

But we got approval today on Deal #5!

Deal #1 – $367,000  7/18

Deal #2 – $360,000  7/31

Deal #3 – $345,000  8/25

Deal #4 – $340,000  9/12

Deal #5 – $310,000  10/24  FHA

We sent in two offers last week, and as usual the seller asked each for their highest and best offer, hoping for some improvement on price.  When both buyers stuck to their guns, I thought the seller would at least counter one or both, instead they just signed one!

FHA deals also include the threat of appraiser-required repairs to be paid by seller, of which there could be quite a list on this one.

On a curious note, they also sent over an extension of the listing period, and raised the list price back to $359,900, from the current $349,900.

Get the feeling that there will be more like this between now and Dec. 31st?

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We’ve had a contest riding on the list price, and the eventual sales price, and though it’s not closed yet, we had some great guesses on sales price:

$431,000  Shelly

$429,000  RSF renter

$429,000  Sue

$425,000  money market

$419,000  Chester

$399,000  Ted

$389,900  CV man

$379,000  doughboy

$375,001  poor house

$374,900  Rob Dawg

$371,000  CBMark

$369,000  MN

$367,000  Nathan

$359,000  Dwip

$350,100  someone

$349,900  SD Coastal

$348,000  Tyrone

$340,000  MANmom

$335,000  Al in IC

$335,000  calwatch

$333,000  JMA

$329,000  greenlander

$328,000  Chuck Ponzi

$321,000  incessant din

$319,000  FreedomCM

$319,000  Adesigar

$315,000  PC LoadLetter

$310,000  OC Vulture

$310,000  Keith Rettig

$309,000  Horse Racing Man

$300,000  George8

$299,999  Smithers

$297,500  sloshr

$295,000  ocrenter

$294,500  CA renter

$289,000  Surfer Nate

$275,000  shadash

$220,000  Genius

Both winners had left comments at the time:

OCVulture:

>>>> $389,000 <<<<< and then start dropping it 10-15K every month probably will sell for $310,000

OCVulture | April 25th, 2008 at 5:38 pm

Keith (a former contest winner):

1. I am feeling cocky with my earlier win!I predict CFC will “agree” to you pricing it at $379K despite you telling them that if they want to move it quickly they should price it at $339K. However, even you will slightly over-estimate and will have to lower it 2-3 times with a final sales price of $310,000 and with a cash back of $6K plus cover at least some, if not all, of the closing costs.If I am only right about the price, OCVulture should have the tickets as he picked $310K before me. But if I am right about the additional details above, he should probably share…the three of us can go.But I will go one step further.
   The purchaser will attempt to flip the property after the barest of repairs ($8,500). If McCain wins the presidency, the investor will fail to cover his mortgage payment by December and the property will be foreclosed on again next year. If Barack or Clinton wins the presidency, the investor will try to sell but after a short wait will settle and rent the property under the belief that things will get better late next year.Keith Rettig | April 28th, 2008 at 11:16 am

Posted on Friday, October 24th, 2008 at 12:10 PM in Foreclosures/REOs | 7 Comments » |  Email |  Print You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.