the bidding has begun!

Mr. M and I signed & initialed our way to a house bid yesterday… and now the waiting game begins. The house was purchased as a flipper in late 2006, right at the time that the market began to really sink. So instead of making an instant profit (the first listing was for $509,000), they are now facing a short sale and we bid at 2/3 the ’06 purchase price. Even in the down market, the price is very reasonable for us & gets us more than we need, and our bid is in line with historic trends. Essentially, the lender will either decide to take our offer or see what they can get on the courthouse steps in a few days. Our fingers are crossed that they’ll go with us. But for now we’ll just sit and stare at the phone for the next week.

One Comment

  • Cathleya

    Blogstalking you today! Just wanted to wish you luck with your first bid, and to remember that if it doesnt work out, its no biggie! We didn’t get the first place we put an offer down on and couldn’t be more thrilled with the place we got :) Wishing you luck on the first go round, however…(and looking forward to a housewarming! You like that? You like how I just invited myself?)