Unfortunately, I didn't get the property I was interested in. There was an investor out there whose pockets were a little (or a lot) deeper than mine. I was a little bummed about it for a little while but then I remembered that all things happen (or don't happen) for a reason.
I don't know how much the winning investor offered but I apparently, the bank preferred that offer over mine. Once my Realtor told me that there were multiple offers on the table, I offered full asking price with no concessions. I was hoping this would be the magic number. Nope.
I won't know what the winning bid was until a few months down the line. Once all the paperwork is done and the sale is closed, the sales price will be a matter of public record.
I think I'm going to put my property search on hold for now. I'm confident that the housing market in my area, or for most of the country, will not be improving anytime soon. There will be other great deals out there. I just have to be patient and wait for the right one to come around again.
In the mean time, I will continue building up my savings account. Had I purchased this property, I would only have a couple thousand dollars left in my account. Not smart considering the economy or that my current rental property needs repairs. I will need to replace the carpet and have the exterior painted this year.
Who knows, maybe the sale will fall through and the property will come back on the market? Or maybe, there will be another home in the same neighborhood that will be an even better deal?
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How unfortunate! Or, like you say, maybe it is fortunate. In times like these, a savings account is definitely not a bad thing to have.
I also recently found an ideal investment property but someone got there ahead of me. There will be other opportunities, now I am just motivated to get that much more financially ready. Good luck to you!
I believe things happen for a reason and I think it must not have been supposed to happen. Also, I would be afraid to drown my savings. It will happen for you!
well that blows...way to keep positive and in good mind my friend :)
Yeah, don't worry about it too much, another one will be along shortly. Also, I know lots of people hanging out for their ideal home, yet in reality you only make the home your own once you've moved in. Anyways, you'll get one soon enough.
While I'm sorry that this property didn't work out, I'm sure that something even better will turn up.
Good job keeping a positive attitude!
There's no rush right? You just have to pick and choose your spots, you're in this RE thing for the long haul and these events only teach you how to be a better investor. If you had more money, would you have committed it? Would it still have made financial sense? It's better to miss an opportunity than make a mistake (or turn an opportunity into a mistake!).
Too many people are low balling properties right now, and there are so many buyers out there with deeper pockets. We had the same problem. Most of these houses, at least here in Vegas, the initial asking price is about as low as you want to start with, and then go up from there depending on the number of offers on the table. In fact, here, the suggestion is that you go as high as you're willing to pay for a property...that way, WHEN you lose to a higher bidder, you know you did all you could.
It may be a buyer's market, but it's still a horrible rat race.
Sorry things didn't work out the way you wanted.
That stinks man! BUT - you're right, there are other options out there and this one wasn't for you.
I once had a friend devistated that a house she bid on didn't go to her...and 3 weeks after the other owners closed on it (but before they moved in), it was hit by lightning and there was a horriffic fire.
Hey, I stumbled acroos your blog and I like what I've been reading. My husband and I started investing in properties last year. Just out of curiosity, why would you want to tie up all your personal funds in a property when you're trying to reach a savings goal? If it were me, I would obtain a loan from a bank to purchase the property and just use some of my cash as a down payment. Sure you may have a mortgage but the tax benefits and the extra income will assist you in attaining your goal much sooner.