kandlsutton
Mouseketeer
- Joined
- May 22, 2019
- Messages
- 438
We have been looking for a relatively small Copper Creek contract to round out our “portfolio”. We made a low bid ($14 below asking) on a 100 pointer (0-50-100) on Sunday but found out from our broker that the seller had already accepted an offer for $11 below asking. Disappointed because that was the total amount of $$$ we wanted to spend.
Then yesterday we decided to bid $2 below asking ($3 more pp than we bid on the 100) on a 120 pointer (0-0-120) with seller paying closing costs. The contract was listed for a couple of weeks ago. Thought we had a deal but seller won’t pay closing costs and held firm on the $2 below asking price. Paperwork came in today but haven’t signed or sent in deposit.
Tonight I got nosey and did a couple of deed searches. Contract originally was direct from Disney around $182 pp in 2018. An investment company had the high bid on the foreclosure last month or so for around $138 pp, if I did the math correctly, and the list price is more than $25 above what they paid for it. So $3000 profit plus any proceeds from stripping the points minus commission and fees, all in less than 2 months.
Overall, I don't think it‘s a bad deal and seems to be in line with a lot of other sellers, but it’s definitely not the great deals that were available in Q1 2021. I get that the investor is in the business to make quick money, but I am a little ticked over the additional $3k and can’t decide whether to walk away. It’s the right UY, a few more points than I was targeting, and at the top end of what I want to pay overall.
Sorry for the long post. Curious if y”all have any advice…
Then yesterday we decided to bid $2 below asking ($3 more pp than we bid on the 100) on a 120 pointer (0-0-120) with seller paying closing costs. The contract was listed for a couple of weeks ago. Thought we had a deal but seller won’t pay closing costs and held firm on the $2 below asking price. Paperwork came in today but haven’t signed or sent in deposit.
Tonight I got nosey and did a couple of deed searches. Contract originally was direct from Disney around $182 pp in 2018. An investment company had the high bid on the foreclosure last month or so for around $138 pp, if I did the math correctly, and the list price is more than $25 above what they paid for it. So $3000 profit plus any proceeds from stripping the points minus commission and fees, all in less than 2 months.
Overall, I don't think it‘s a bad deal and seems to be in line with a lot of other sellers, but it’s definitely not the great deals that were available in Q1 2021. I get that the investor is in the business to make quick money, but I am a little ticked over the additional $3k and can’t decide whether to walk away. It’s the right UY, a few more points than I was targeting, and at the top end of what I want to pay overall.
Sorry for the long post. Curious if y”all have any advice…