This home was a HUD listed home offered for sale for $89,910. We made several offers around $48,000 and our highest was $49,872. Which was rejected in favor of a higher bidder. About 2 weeks later, we were emailed by HUD and told that because we had marked our offer to be kept in the system should the first buyer flake out (they have a term for this) we got the offer.
ALLMOST HALF PRICE – UNHEARD OF
We bought on April 8th and renovated from top to bottom.
The Numbers:
- Purchase $49872
- Renovation $56,340
- Settlement Fees including Real Estate Commissions $12,964
- Holding Costs $950
- Total Days Held 98 days
- Profit $19,772