Posted by Jim IL on January 08, 2001 at 13:36:57:
I’d start lower, because you can always go up with your offer, not up.
If the place has been sitting for a long time unsold, then the bank may be more willing to sell at a lower price.
You may also want to go to the home and take some photos of the repairs needed and send them with the offer.
Chances are the bank does not know the home is in need of that many repairs.
Make the place look like a real dog in the pics and it may help negotiate a better price.
Bottom line is, after you make a low offer, the bank will respond and you’ll know better where they stand.
The pre-approval letter and $1k earnest money will help as well.
Perhaps set a Fast closing date as well.
Show them you are serious and they will answer you faster.