Bank owned property, Need Advice... - Posted by David (CA)

Posted by Jim IL on March 04, 2001 at 18:42:02:

It never hurts to try.
With the limited info we have here on this house, I’d make an offer to the bank somewhere between $6k and $10k.
Then see where the bank goes with a counter offer.
If you can get it for UNDER the $10k, you should be able to sell it, or at least get a hard money loan to close the deal until it is sold.

Good luck,
Jim IL

Bank owned property, Need Advice… - Posted by David (CA)

Posted by David (CA) on March 04, 2001 at 16:00:41:

Hello everyone,

Looking at sfr that is an reo. Market is hot here in northern ca. the home has an approx. arv of 65k to 70k. is 950 sq.ft. is a 2bdrm 1 bath home. nice level city lot, famlies feel safe living in the neighborhood.

this house is ugly, beatup,lots of fungus and rotten wood in the roof rafters and sheeting, fungus in the window sills and elswhere. overall rehab is estimated approx. 20k-25k to doll it up. so that makes the rehab about 38% of the arv. I estimate my mao would be about 21k which also be my selling price to rehaber, which is my exit strategy.

Do you wholesaling experts think I should even attempt to take this on to wholesale it with the cost of fix up being approx. 38% of the arv? If i do i was thinking about offering the bank 10k cash for this junker. they want out of this piece of junk. they will not finance for any reason. they are also out of state in mo.

Any feedback and perspectives are greatly appreciated. thank you for your time.

Warmest Regards,