prosper-inc’s posterous

REAL ESTATE STUDENT NEGOTIATES A GREAT DEAL | Prosper Inc success stories

As you know I had an offer accepted for a duplex in Lake County, California.  The original asking price was $429.5K.  The seller dropped it to $350K and dropped it again to $299K.  I offered a low $250K because I knew it had been on the Market for 6 months and the owner wishes to move out of state and wants to liquidate this property.  She came back and suggested $290,000.  I offered $275,000 and she has accepted.  My Realtor gave me a great compliment in saying "I thought you were crazy to offer such a low price on three units, but by the time you offered $275,000, the seller was ready to jump.  "I can't believe that you did that Sue".  

I contacted a mortgage broker that I have used in the past and faxed her all of my information for the loan.  We are waiting for the pest inspection.  Funny thing about this property—one builder built 3 identical duplexes and one of them is also on the market listed at $429K.  I contacted a Realtor last week and asked her if she had any good deals in duplexes in the lake area.  She told me she had a "super" deal on a duplex for a "low" $429K.  It is the identical one to the one I'm getting for $275K.

I have located a vacation rental agency that primarily rents out large homes on the lake.  I explained to the office manager where my house was and that there is a large boat launch facility 2 blocks for the property and 5 minutes from the local hospital.  She told me that on occasion the Visiting Nurses Program sets up people in housing while they are working at one of the two local hospitals in the area and that my house may be considered for the program.  She will be coming to view my house in the next few weeks.  If my house qualifies for the program, the Visiting Nurses pay approximately $2000 or more per month to rent it out.  Currently my mortgage is $1024 per month.

Susan B.

Oakland, CA