After several weeks of rejected low-ball offers on bank-owned (foreclosed) and new builds I was beginning to grow concerned that banks and builders may not be as motivated to sell as I had hoped.

All that changed Saturday night when I was searching through MLS.  I’ve run the same searches looking for newer homes in Keller under 130k nearly every day for two weeks. This time a new listing appeared in my results.  The property at 9717 Hathman was reduced from $164,900 to $97,900 - a full $67,000. 

At first I thought it was a mistake.  Sometimes agents accidentially mis-type the price.  Checking it on TAD shows the county appraisal at $193k in 2007 and it was deeded to the bank in November 2006.  I left a message with the agent and also sent an email.  The next morning I drove by the property and looked inside  There were a few houses with foundation problems but this house looked good.  I called the agent again and sent another email.  The agent returned my call Sunday night to let me know the price was correct and they have received several offers but they planned to submit them all Monday morning.

The next morning I did something I’ve never done before.  I made an offer for MORE than the asking price.  The price was right for cashflow and there were multiple offers so I needed an advantage.   Hopefully the additional $2100 on my $100k offer will push me over the top. 

No biggie if I don’t get this one.  I know now that some banks are motivated to move their properties quickly - It’s all about timing.  What if I would have offered $95k the day before they dropped the price? 

3/17 Update:  My offer wasn’t accepted.  After further review, the agent had their “lines crossed” and was supposed to drop the price to $140k, not $95k.  They received 30 offers and all were rejected.  The agent was fired.