$500k foreclosure - Posted by Michael

Posted by James Strange on September 03, 2003 at 22:41:24:

You will be the one who has to decide if it is a deal that you want and can do. So don’t let anyone tell you what to do.

Me I would do it but do let me tell you what to do.

James Strange

$500k foreclosure - Posted by Michael

Posted by Michael on September 03, 2003 at 20:21:54:

Hello everyone!!!

I have a question and any help would be greatly appreciated.
Theres a foreclosure property I’m trying to acquire that has a market value of over $500k. The mortgage company has a list price of $299k because the previous owner started a rehab project and didnt finish then lost the property. I submitted a first of $225k and they said that was to low. I countered with $274k. Because of the market value of the area, they want $299k. The agent suggest I come up another $8k - $10k. This property has an assessed value of $450k with a mkt val of $525k ans approx. $40k - $50k worth of rehab, mostly drywall work.

Should I go ahead and counter an extra $8k - $10k to secure this deal???

This could be an excellent opportunity to make a great deal of money with a partner or a group of investors and I don’t want to miss out because of nickels and dimes.

Any suggestions would be greatly appreciated.