Shop Quest - Full Circle

"Akio Ohtori - RIP Oppo" (akioohtori)
11/18/2018 at 14:07 • Filed to: shop quest

Funny enough, my first serious offer for a piece of land was “accepted” a year ago next week. Annoying that I am still without a shop/ land to show for it. Ahh well. Today I did put in an offer... but it isn’t that straightforward.

Remember the “CDC House,” as we’ve taken to calling it? Cute stone house with extreme structural issues, a CDC defined “heavy” rodent infestation, and termites?

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Yeah. I put in an offer.

Sale on the house has fallen though twice already. I figured the bank might be willing to consider a low-ball offer just to be rid of the property. You never know!

And from the county website:

I priced my offer at what I could relatively easily obtain in “cash” if they accepted. (I say “cash” as it would actually be either selling stock or a home equity loan.) That said, it isn’t unreasonable, in my mind. Basically did (Land + Shop + Barn - House), assuming the house is a negative 10k asset at this time.

Will they accept?

Basically only if they’re tired of having it on the books and want to get rid of it. I am aware of the property’s shortcomings and my offer reflects that.

Other than that I can’t imagine they’re going to look too hard at an offer for less than half the asking price. THEN AGAIN the property has been vacant and bank owned since 2015. Maybe they’re just ready to be rid of it?

I’m not going to give it much thought after this, but the offer is in so... fingers crossed?

DISCUSSION (6)

Highlander-Datsuns are Forever > Akio Ohtori - RIP Oppo
11/18/2018 at 15:53

I know many people who bought bank owned houses post 2008 crash, and it was a long and frustrating experience. They did however get a great deal. When I say long I mean like minimum 6 months to finalize the transaction.

Akio Ohtori - RIP Oppo > Highlander-Datsuns are Forever
11/18/2018 at 17:27

I’ve also heard that and am somewhat mentally prepared for it.

shop-teacher > Akio Ohtori - RIP Oppo
11/18/2018 at 18:12

Sometimes you get lucky. We bought a short-sale house in 2010, only took a week to hear back from the bank.

shop-teacher > Akio Ohtori - RIP Oppo
11/18/2018 at 18:15

Can't hurt to try. Good luck!

Akio Ohtori - RIP Oppo > shop-teacher
11/18/2018 at 18:17

I made an offer on a house in 2007 that was bank owned. In retrospect it was really one of the first signs of the crash. Lady got a traditional loan but financed the down payment and the closing costs, all with different banks iirc, made two pay ments, and then defaulted.

Anyway, we made a reasonable offer but didn’t hear back, so I moved on with my life. Six or so months later they call back to “accept” the offer. Turns out all of the involved banks were fighting over who got what and had finally agreed. There was much laughing and no house buying on our part.

Worked out. I looked up that house last year and it is still only worth about what it was in 2007. Would not have been a good investment.

shop-teacher > Akio Ohtori - RIP Oppo
11/18/2018 at 18:51

I made an offer i n the summer of ‘07 on a bank owned condo , at what would’ve been an incredible price in 2005. Thankfully they turned me down! It might by now be worth again what I offered. Bullet dodged!