Finished another project and had not had an opportunity to update it in the blog. We completed another full rehab in Ormewood Park. The house was a huge mess when I first found it. I put an offer in, got it and then the bank that was looking into making the loan on it folded. I lost my earnest money and went looking for another property.
After several bid wars on a couple of properties in this same area I stopped looking since there seems to be a lot of inside deals going on- meaning that by the time a foreclosed property actually comes into the market and is listed it has most likely been "promised" or "set-up" for a friend of the foreclosure real estate agents' to buy.
But getting back to the project initially I lost. The same property came back on the market a year later for about 8k less. I made a full price offer and got it under contract again. This time the deal closed. The house was in worst shape than when I initially had an offer on it; huge hole in the roof, beyond repair sheet-rock, gutted baths, no ac, nasty air vents and the house was chopped into several small living areas that did not connect.
After tons of work the house was finished and sold by owner.... will post pics of the after- as it is a very nice house!
Great News: 1011 Ormewood Avenue closed this afternoon! This home went under contract in less than a week after it was listed with Global Brokers. We are still getting requests to view the house- too late! The new homeowners couldn't wait to move in. As with all our past projects- the new owners remarked on the finishes and high-end quality of the project; and of course, they absolutely loved the price. They commented on many of the houses they viewed during their search: none compared in the price range and quality.