Monday, August 25, 2008


I hate waiting. I'm not good at it.

Anyway, we put an offer in on the Sanford house yesterday! I really hope we get it. Here's the listing:

168 Sanford Ave South

It has two good tenants, but both are paying pretty low rent for their places. The 3-bedroom on the ground floor is vacant and needs a coat of paint on every wall. The furnace is about a billion years old, but the roof is brand new. There's a storage shed in the backyard! The basement is completely unfinished but has the plumbing for a bathroom and kitchen and is a future project. The fire escape/second entrance is beautiful.

Today, with these rents, it just about breaks even. But with the increased rents once current tenants leave, and with the basement reno'd, it will be a serious money-maker. And it is incredibly well cared-for.

Their agent says that they're excited to sell. We put in a ridiculously low offer yesterday to see what they would do - you never know! So we offered $170K. Haha. Apparently they were pretty disappointed in that price - the story is that they wanted to list fo $209K but their agent talked them into $199K to get lots of lookers and a fast sale. They counter-offered with $196K. After much deliberation we decided to just throw our top number on the table - any higher than $190K and we don't want it. Which is totally true. But by then it was late evening and they'd gone out. They have until tonight at 6pm to accept or reject the offer, so we shall see. I think they'd be making a mistake not to accept it - it is not a seller's market right now for investment property - stuff is sitting for months.

Mind you, it is a good house, so they will probably get more offers if they throw ours away, but we shall see. I think $190K is a strong offer only 4 days after you listed a place for sale for $199K. Here's hoping!

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