It pays to be patient sometimes...... - Posted by JohnB_NJ

Posted by Bill K. (AZ) on April 13, 1999 at 22:15:28:


Congratulations! This story is very inspirational.

Thanks for sharing, and continued success to you.

Bill K. (AZ)

It pays to be patient sometimes… - Posted by JohnB_NJ

Posted by JohnB_NJ on April 13, 1999 at 22:02:59:

Got to tell you this one. I almost fell out of my chair today.
I found a 3 bed ranch w/garage needing 15k to bring it back to life. The after repaired FMV is approx 80k. It is a bank REO listed with a realtor. I spotted the property about 2 months ago. I made an offer of 30k. The home was listed at 56k. I put up $500 earnest money. The first counter offer came back at 50k about 3 weeks later. I countered at 35k and sent the offer back to the bank. No word came for over 4 weeks. So I called a few times to see what the deal was. The RE agent said the bank was dragging its feet. I gave the bank a deadline to respond to my counter or my offer was being pulled. They finally countered at 45k. I said “no deal!, 35k is the most I would pay for that hunk of crap and thats pushing it”. BTW, the house isn’t really bad but would scare off the retail fixer upper people.
Anyway, I told my realtor to cut me a check back for my earnest deposit but leave the offer on the table. So, here is the good/funny part. My check was sitting at the realtor’s office since Monday, but I hadn’t had a chance to stop by to pick it up. Well, 4:30 today, the phone rings. Its my RE agent. I said, “I betcha you thought I forgot about my check” And she said “No, the bank just called. They have accepted your 35k offer!”. I said, “Really, I will be down tomorrow to sign the amended contract” I did a little dance in my office. Thank god none of you were there. LOL.
I immediately call the newpaper and ran an ad "HANDYMAN SPECIAL, cheap, cash. 3bdrm ranch. THIS ONE WON’T LAST. The classic Ron LeGrand ad.
Tomorrow, I am calling all the I Buy Houses Ads and the rehabbers names I have aquired over the last few months. I need to flip this one. I only have 30days. I am going to do “Joe Kaiser” quick clean up of the exterior and interior. Maybe I can flip it for 10k if the yard is clean. Thanks Joe for that outstanding idea!

Sorry about the length of my post, I just wanted to let you know, “hey, this stuff works even in NJ”. Today I robbed a bank LEGALLY!
I just held my ground and didn’t care if they sold it to me or not. I remained cool and patient!

Have a great day! and good luck to all


Re: It pays to be patient sometimes… - Posted by Dan B. (AK)

Posted by Dan B. (AK) on April 14, 1999 at 21:34:09:

“Today I robbed a bank…LEGALLY!!” What a great line. I laughed out loud, and felt good because you did it! I can’t wait until I get to use that line for one of my deals. Congratulations!

Re: It pays to be patient sometimes… - Posted by Rik NJ

Posted by Rik NJ on April 14, 1999 at 10:05:38:

Congratulations!! It’s good to hear about the successes of others! Keep it up!

Re: It pays to be patient sometimes… - Posted by SCook85

Posted by SCook85 on April 14, 1999 at 09:22:28:

That is a classic! Actually it is my typical deal. I just got one Friday that was listed for $64,900. I offered (2 and a half months ago) $35k. They countered at $55k. I said no way. On Friday they accepted $40k and they are paying my closing costs. I have 2 buyers lined up at $47k right now. All you have to do with the banks is get your offers out there and wait. They don’t respond quickly, they are not thrilled about taking the loss, they just wait, hope and pray to get something better. If nothing better comes along they will take your offer.
Nice Deal! Now Keep doing them!


Re: It pays to be patient sometimes… - Posted by BR2

Posted by BR2 on April 14, 1999 at 07:09:01:

It’s stories like this that keep me going. Congrats!

Re: It pays to be patient sometimes… - Posted by Paul_NJ

Posted by Paul_NJ on April 14, 1999 at 02:06:52:

Congrads John
Great to hear about it!

Re: It pays to be patient sometimes… - Posted by ScottE

Posted by ScottE on April 13, 1999 at 22:25:18:

Great Job, John!