J P D
New Contributor
Hey guys,
So...I posted about my experience buying my first investment property a few months ago and the whole process went off without a single hitch. Everyone did what they had to for the deal to go through in only three weeks time.
Not being content with one property and wanting to take advantage of these market conditions I set out to find another property. This time I was looking for a great deal on a small single family that I could do a quick cosmetic fix up on and rent out until the market turns and then sell, using the profit for future property funding. So I find a nice bank owned property in the same area that I bought my 2unit, needs carpet and paint but not much else. It has been on the market for 140 days. Great location for a rental and best of all, going for about 55 cents on the dollar (when rented, should cash flow about 400 a month in my pocket after all expenses). House sold for 125 back in 04 and is now offered at 70k. I offered 60k with financing in place and have everything in line to grab this property with no problem. Well, there is a problem, the bank is just sitting around doing god knows what. I put in my offer two weeks ago and sit anxiously day to day waiting for a reply. Every time we contact the office handling the sale, they say that the offer is just sitting in a pile of paperwork and they'll get around to it soon.
Anyone have any tips to get the bank moving?? I'm really starting to get frustrated with these people.
So...I posted about my experience buying my first investment property a few months ago and the whole process went off without a single hitch. Everyone did what they had to for the deal to go through in only three weeks time.
Not being content with one property and wanting to take advantage of these market conditions I set out to find another property. This time I was looking for a great deal on a small single family that I could do a quick cosmetic fix up on and rent out until the market turns and then sell, using the profit for future property funding. So I find a nice bank owned property in the same area that I bought my 2unit, needs carpet and paint but not much else. It has been on the market for 140 days. Great location for a rental and best of all, going for about 55 cents on the dollar (when rented, should cash flow about 400 a month in my pocket after all expenses). House sold for 125 back in 04 and is now offered at 70k. I offered 60k with financing in place and have everything in line to grab this property with no problem. Well, there is a problem, the bank is just sitting around doing god knows what. I put in my offer two weeks ago and sit anxiously day to day waiting for a reply. Every time we contact the office handling the sale, they say that the offer is just sitting in a pile of paperwork and they'll get around to it soon.
Anyone have any tips to get the bank moving?? I'm really starting to get frustrated with these people.
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