My husband and I sold our home in Littleton last year; it was just too big for the two of us. We decided we wanted to take our time and find a smaller home on a smaller budget after spending some time down south. So, last month we began looking at bank owned and wholesale properties. The first one we looked at was a wholesale property and, based on the numbers the wholesaler gave, it looked like a good deal. That is, until we had our realtor look at comps in the neighborhood. So we said never mind to that one.
The next home we looked at was a bank owned property. We looked at the property and were pleasantly surprised at the low amount of work that was required; new kitchen appliances, new cabinets and cupboards, new flooring throughout, new paint and some heavy-duty tree removal. So we decided to test the water and put an offer in. Then we found we had to move quickly because we got in right at the close of bids. The bank wanted all bidders' best and highest bids. So we gave our bid not really believing that the bank would accept it since it was almost $60,000 below market value in that neighborhood.
You know how you hear so much about either a bidding frenzy where the price is driven up to a ridiculous amount or where the bank is totally unreasonable and doesn't really want to sell for any kind of a bargain price. Well, not the case here. When 2 days later our realtor called and told us the bank had accepted our offer we were floored, as was she!
Then began the doubt, and the second-guessing. Did we bid too high? Can we really do everything that needs to be done on the budget we very quickly figured? What if there are other issues we didn't see? What will the inspection turn up? Is the neighborhood as nice as we thought? Can we really do the work that’s required? AHHHHH!
So I have had to stop and tell myself to LIGHTEN UP GIRL!! Now is when the fun really begins. Now we can take the home and truly make it ours. It is time to roll up our sleeves and get dirty. It's going to be a true adventure. We are going to do almost all the work ourselves, we will strictly need to manage the budget, and we are going to find innovative ways to do things less expensively while still maintaining quality.
Please, Wish us Luck, (and heaven help us)!!
Colorado Premier Staging, llc
"We specialize in Staging Vacant & Distressed Properties"
Teri Clardy, PMP & APSD Certified Home Stager, Home Stager Trainer, &
APSD Certified Vacant & Distressed Property Stager