They also accept a guarantor (must be employer or relatives but not friend) and the guarantor needs to have 4X income, pay app fee and fill out a full application and required to sign a Residential Obligations form.CRIMINAL HISTORY - They spell out what would constitute automatic rejection. 

I am afraid prospective tenants will reject it due to the traffic and potential buyers might reject it for the same reason in the future.

I put an offer on this house a week ago and it got rejected since I asked the bank to pay the balance.

How to handle rejections?

You could get to 1 in 20 by having 38 offers rejected and then numbers 39 and 40 get accepted.Elements of the MAO (Maximum Acceptable Offer) formula are:* Some percentage (.6, .65, and .7 get used by various folks) - this is something you pick, but you do this based on how your buyer will buy.* ARV (After Repair Value) - how you get to this number could vary.

Resale maybe 85k to 90k.They want 41k and I offered 5k cash.Agent is nicer and says bank recently rejected 21,000 for it.This house at best is worth in the 20's.There is another house in the subdivision across the street asking 38,000 and has 1,954 sq ft with less work.I have a bunch more cash than 5,000 but my thoughts are if I am going to buy and old house for commercial land to hold I don't want to pay a premium.If I am buying for a flip if I can get cheap enough I will use cash but if I have to go to a certain bid level then I will use hard money to preserve my capital.

For example how many days the property has been listed and percentage of price drops and frequency of drops.You need to know if this bank just listed at an aggressive price.If so they will get multiple offers.Then it comes down to not only price but type of financing versus paying cash and closing times and contingencies.I just find that most times if the property needs a little carpet and paint and that's it the bank will put new carpet and paint in to maximize recovery on the asset.If not an owner occupant still will pay more than an investor.Many new investors try to play it safe and low ball carpet and paint jobs and then when offer after offer is rejected they get disheartened and give up or stop trying for awhile.They don't want to take on bigger rehabs but that is where the profit is.You need the calculated risk for the reward.For a flip in that area 200k is high for Georgia.

As Bill said, investor offers are generally reviewed every night from that day's submissions.The next day, the buyer's agent gets a status:- The bid has been canceled/rejected- The bid has been accepted- The bid has been countered- Another bid was accepted (and I think there are one or two others)If your bid was rejected, you're done unless you submit another bid.If your bid was accepted, you have 48 hours to turn in your paperwork and get an earnest money check for $500, $1000 or $1500 (depending on the price point of the property).If you bid was countered, you may have been the only bid or there may have been other that were countered as well.

We all deal with rejection or alternative outcomes to what we want.

The fannie mae listing agent told me that my offer was too low and it will get rejected so I will go to the auction again..