Interesting offer on a possible second Investment

[Kel S]

A few months ago I put in a offer on a house. At that time I offered higher than the asking price (cash) and contingent on inspection. Three days later I heard back the the bank rejected our offer and accepted one for a lower price than the asking price and no inspection from other buyer.

Fast forward to yesterday. I see the house came back on the market. So I called the realtor and they said that the previous buyers never got signed addendum forms into the bank and so eventually the bank just dropped the deal. Things that make you go hmmmm. Makes me wonder if even though the buyers didn't do an inspection perhaps they found something majorly wrong like the house being too close to the property line or something. It does sit pretty close to the fence at the back of the property. It's sort of an odd set up as it doesn't have a backyard, only a big front yard.

So I go over today and figure I'll throw my hat in the ring again by putting in an offer and just see what happens. But again I make it contingent on inspection. Granted this house is cheap. About the price of a lower milage used car, but it will need new siding, carpet and a few other non major repairs that I can see. But it's the things I can't see like if the furnace works, is the electric updated, plumbing all in good working order, etc., that is the reason I have to have an inspection. Since I'm not a handy person by trade and the fact that the gas, water, electric is not turned on, I can't determine these things without doing an inspection. I'd hate to buy something w/o an inspection and find out afterward that it needs $20k or more in repairs!

Anyway, it's interesting how these banks work. The first time I offered almost 5k more than the buyers who's offer they accepted. But since I wanted an inspection they rejected our offer. Makes me wonder if they know something I don't about the house? Though I know they are suppose to disclose things but I guess you never know.

I should know in 2-3 days as the bank was quick to respond last time so we'll see.