All Forum Posts by: Frank M.

Hi All just a quick update....I ended up loosing both of those properties that I was interested in, actually Property #2 which was supposed to be "CASH BUYERS ONLY"  ended up being bought by a friend of mine through financing!!! I guess CASH is not always king, or at least with this real estate agent, he told us that a higher cash offer was submitted, which is not true, since I know who bought..!! anyway I did end up purchansing a house, which needs a ton of work ,but got if or a great deal, the only concern I have about this house is that now that our offer was accepted, and we put a $2,000 deposit,  I got a call from my realtor saying that the listing agent called him and said that he forgot to put on the listing that there were no inspection allowed and sold as is....Is that legal?  On our contract we put in a 10 day inspection periord...Since the house might still be a good deal do you suggest doing an inspection anyway?  Thank you all

Hi @Jacob Reilly please let me know if you have any other meetings planned for this year..I would definitely like to meet with all of you.

@Paul Kaflinski Thank you.....We will definitely submit a tons of offers soon

@Dawn Brenengen thanks so much for you response...it seems to me that it might be what we are experiencing right now!!! banks trying to get the higher offers and more interest in a property.

@Michael Noto thanks for the reply, i'm definitely not getting caught up into whether or not they will accept the offer, but I was just wondering if this is normal.  I'm not looking for the bank to personally call me and explain why they didn't accept the offer either, but i'm asking all the experienced investor on BP to see if this is something that is very common.  I'm new to the Real Estate investing so any advice/help is appreciated.

@Nick C. thanks for your advice, we are definitely going to stick with our #'s and hope that sooner or later one will get approved. 

Hi All, I'm a new investor in Connecticut and I put in 2 cash offers in the last month.  Here is what i'm running into:

Property 1 : The property was on the MLS for $90K, after taking a look at the property with my partner, we decided to submit an all cash offer for $39K...(the property needed complete gut, down to the studs and no flooring). The property had been on the market for 40 something days without any offers..As soon as we submitted an offer we got an email saying that they wanted our highest and best as there was multiple offers. We decided to go up another $5K. A couple of days later we find out from our real estate agent that our offer was rejected and that they also had rejected a $75K offer. Exactly 1 week after rejecting both offers I checked the MLS and just dropped the asking price to $60K....

Property 2:  Asking price was $140K, and they were looking for CASH only.  We offered $110K calculating the amount of work and since the property had been sitting there for over 75 days.  As soon as we submitted our offer, we are told that there is multiple offers and they want our final and best.  We decided to go up to $120K all cash, but we were once again told that it was rejected and that a higher offer was accepted.  5 Days later the property is back on the market and they dropped the asking price at $130k...we raised our offer to $125K and sure enough we are told it's in multiple offers again and want the highest and best.....We are sticking with our $125K, so hopefully we hear back soon...

I'm just wondering if this is something that typically happens when buying REO properties and the bank is trying to raise our offer, or is there really multiple offers every time we bid on a house? It just doesn't make sense to me!!!!!

Thanks for all your responses

Thank you everyone, I'm absolutely looking to connect with each one of you and learn as much as I can.  it is pretty cool to be able to be a part of this forum and talk to successful people like you all!!!  @MarkZippo, i will definitely take you on the offer, and likewise if you are ever in the Middlesex, Hartford area feel free to contact me.

Thanks

Hi everyone,

I'm new in the real estate investing world, and I'm looking to network with some of you pro's out there to get some insights on what to do/and not to do.  I'm looking to purchase foreclosure properties in Connecticut (Hartford/Middlesex county) and flip them back into the market.  Any suggestions would definitely be appreciated.  Thank you in advance for any responses