Last night my wife and I signed a contract to put an offer on a house. We found out before hand that it is bank owned. Then we thought, "Sweet, we can get it at a discount because the banks probably just wants to get rid of it." Our Realtor tells us that there is already an offer at the bank but they have not made a decision yet. Then we think, "shit, now we have to make a stronger offer than the other guy or they will just reject it."
A before and after picture of the house. As you can see, it's pretty small but with on me qualifying for it, it's going to have to be small. They did add a very nice front porch and the entire roof is brand new. With no air condition the downstairs does stay relatively cool because of the huge overhang.
It is not my ideal house, but for 120k, this is the nicest house we have seen in our showings. No mold, no falling apart walls and hopefully it will pass a FHA inspection.
Wish us luck! Housewarming party to follow!