I heard back on my offer on the bank owned (formally short sale) property. They accepted the other offer. I really did think I had a great chance at the property. I set the property file aside. Normally I put the files into a collective passed property folder. I decided to keep this one out. A little voice in the back of my head said, “Keep this file together, if the other offer doesn’t go through, I would likely get it.” Well, the other buyer backed out and I received a counter offer today. The counter offer price is exactly my offer price. The only change is the lenders stipulations. I might just have my first property contract accepted within the week.

The 2nd property is for our new home. It is a short sale that has had numerous buyers fall through. The reason is 2 lenders. Bother lien holders are not wishing to budge on price and the 2nd lien holder wants to be paid off with cash at closing. Many folks looking to qualify for the loan simply do not have that cash. We do. The agent has promised to push our offer through. I get a much better feeling from this agent then the previous two seller agents (for our own home). The house has everything we are looking for in a home and then some. The downside is slightly higher cost, and home size. Its a monster, and a 1/4 acre lot. The Denver area usually has 1/8 acre lots. The purchase price is ~.56 cents on the dollar. Repairs look to be 55k with 20k making the property very livable. I’ll keep updating when I know more. I’m still not holding my breath, but this property looks very promising.

On the property management front, I finally got word from the PM. Well her mother actually. My property manager’s daughter had emergency surgery this last week, and the manager herself was rushed to the ER over the weekend. She remains in intensive care. The mother (who is a property manager in California) is now trying to resolve issues from out of state. I commend the mother’s effort and am not unsympathetic. It does not change the fact that I had no return contacts prior to the health issues.

This doesn’t change my decision to switch PM’s as they had no backup plans in place for issues such as this and I may be out several thousand dollars. I am cautiously optimistic on getting my tenants deposit money, back rent and contract agreement fee back. All totaling nearly $4500. At the very least I will be contacting her broker to ensure the deposit money and back rent totaling $2600 is returned to me. The other money will surely be contested, but I feel I have grounds for breach of contract.

My goal is to have a new PM in place by Friday. I have researched 6 companies and narrowed it down to one. I haven’t pulled the trigger just yet as I need to formally pull from the contract of my current property manager. I am also waiting to hear from my buyer’s agent. He has talked to several of his contacts looking for PM referrals.

Big update, but this week got very busy. Till then, I leave you with this quote, “We should not look back unless it is to derive useful lessons from past errors, and for the purpose of profiting by dearly bought experience. ” George Washington