I made my first offer!

[Matt Inman]

Well I made my 1st offer over the weekend. This is a bank owned property close to my house. The home has been on the market for about 26 days and it needs a bit of work. I used the 70% rule and subtracted out my repairs and came up with my number. I submitted just a bit above that thinking I might be bidding against other investors. So that was a win for me just getting something out there and learning the process.

I got a call this afternoon and the bank only came down $3000 on price. We are still miles apart on my offer and their asking price. At this point everything I'm readying says stick to my number and walk away. But is there a point I put in another offer? I would assume that if its sits for another few weeks that would be the right time.

A big thanks to many of the BP members whose posts have help me get to this point so far!