We first offered $136,900, they countered at $147,900, we countered at $141,900 and it was accepted.Fair Market Value sales in that area indicate about a $207,000 value.[On another property] we offered $123,500 along with HUD to pay up to 3% of closing cost, which was accepted. Fair Market Value is approximately $172,000.

Thanks for your interest in our first deal. The home we purchased is 3150 sq ft in a good neighborhood in Nixa, Mo., close to Springfield. Records indicated that it sold for $188,000 in 2006. It was a foreclosure initially listed at $199,000, then dropped to $149,000 over six months. We first offered $136,900, they countered at $147,900, we countered at $141,900 and it was accepted. Althoughthe property was offered as is, the electricity was turned off until we accepted, and following our inspection it was noted that the water heater and electric garage door wereinoperable, so we requested a $2,000 adjustment which they accepted. Fair Market Value sales in that area indicate about a $207,000 value. We closed on the house May 5, 2008.

We are excited and anxious at the same time. We will be putting in about $21,000 in improvements including granite countertops, downstairs wet bar, stainless steel appliances, painting, carpeting, etc.

I’m sure we wouldn’t have stepped "out of our box" without the PMI training and the supporting/encouragingstaff that is as close as your telephone. The number crunching to support an appropriate offer was particularly helpful. This story is only partially told since we haven’t yet decided on our marketing options, but each step along the way will be interesting.

As a side note, we just had HUD foreclosure bid accepted this week. The ask was originally $153,000, lowered to $137,700.We offered $123,500 along with HUD to pay up to 3% of closing cost, which was accepted,Fair Market Value is approximately $172,000.

Our plate is currently full.

James B.