Image courtesy of rochelle
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?