Lesson Learned

!#@^ Teller ave, Bronx NY-  A new agent that I am dealing with sent me this listing along with others.  The seller was asking 199k, I offered 120k.  My agent tells me that I have an accepted bid and to send him my POF and attorney info, so I do and begin to shop the property around.  I start my asking price at 165k all cash and get a few people that want it at 135-140k, and I mean these guys are hungry of this property. 

I tell my agent to make sure the sellers attorney gets the contract to my attorney asap so that I can assign the property only to find out that I didnt really have an accepted offer.  Turns out that the seller "accepted" my offer, but since this is a short sale, its not up to the seller, it is up to the bank to give the ya or nay.  Not to mention that the property is not vacant, it has tenants that are out of lease.  

Now I have people that are mad at me because I cannot deliver, and I may have ruined a great relationship with an actual "rock n roll" buyer, we will have to just wait and see.  In the mean time, I am putting pressure on my agent to get a hold of the bank and to find out if I can get an accepted offer and for how much.  Once this is done, I am able to get my contract and make a deal with the tenants so that they will move, a "cash for keys" situation.  Give them a few grand to move. 

I also have:
148 sackman, Brooklyn NY 1 family, which I have in contract, ready to move... ARV 428k, asking  200k, repair less than 70k.  Do the simply math, this is a good buy, only prob is that the mls has it listed at 208k so it makes people feel that they are not getting a good enough deal on it. 

So if anyone out there wants Sackman just call me at 917-544-6768

LESSON LEARNED!

Dont shop the property around untill my attorney tells me that he got the contract, included the "assingment clause" and I have it in my possesion ready for me to sign it.