Posted by Louis on April 11, 2002 at 14:07:46:
Thanks for the input. My biggest concern is the dinning area and as you said unconventional floor plan. I believe if I can overcome this obstacle I can make it work. I live in a military town with a lot of turnover. I guess If I buy at the right price I can always discount enough to make it sell.
I plan on finishing myself.
Thanks for the advice
Lou
REO offer - Posted by Louis Noble
Posted by Louis Noble on April 10, 2002 at 22:37:55:
I have found a deal that a bank took back from a builder and wants to unload. It still needs roughly 30k to complete and it has a flawed floor plan. The builder seemed to leave out a dinning area. Even the banker pointed this out to me. I think I have solved the problem by removing a wall but I am not going to let the bank in on my plans so I can use this as a negotiating card.
My question is.
Is a 50k offer unreasonable to start with. I don’t want to anger them to the point they don’t even consider my offers serious. They have had the property empty since 2000. The house could be worth 150k with the dinning situation resolved.
Thanks
Re: REO offer - Posted by Lynn
Posted by Lynn on April 12, 2002 at 12:32:50:
Make sure it’s not a load bearing wall!
Re: REO offer - Posted by Steve-DC
Posted by Steve-DC on April 11, 2002 at 08:01:04:
Louis,
50K might or might not be unreasonable, depending on how sure you are of the properties after repair value. It doesn’t sound like you are.
Don’t worry about the bank being offended. They do what they need to do and it’s business.
Unless you’re going to do the rehab yourself, I’d be a little concerned about the floor plan. It seems as if, in my area, the homes that are hardest to sell are ones with unconventional floor plans that aren’t really attractive to the retail market, and therefore aren’t that attractive to rehabbers.
Just my thoughts,
-Steve
Make your offer; wait for a counter-offer. NTXT - Posted by Brent_IL
Posted by Brent_IL on April 10, 2002 at 23:52:24:
nt