Posted by TarheelT on June 01, 2000 at 16:16:56:
Brett, What you should do is make as low an offer as you can and see what the bank does. If they are in it for only 35K it would not be unreasonable to think that they would be more than thrilled to get that for it. Remember that a bank is not in the business to profit from this transaction and only need to try to get what they have in it. Most all the time they get much much less than what they have in it. Just think- if the property was worth alot more than what the bank had to pay ,then why didn’t someone else grab it at the foreclosure sale? I might offer 25K and if not accepted resubmit a slightly higher offer in 30 days. But don’t worry it is not likely to be sold retail. Time is your best friend. Be patient and very persistent. Good luck,T
Urgent what to offer bank Need to make offer in next day or 2 - Posted by Brett
Posted by Brett on June 01, 2000 at 15:35:49:
I looked at a bank owned house yesterday through the listing agent. The house is across St from my parents house which I may buy to live in next year along with their rental two doors down. So this would be a very conveniant rental. I would either fix it up to sell as single family or restore it to the duplex that it once was and keep it as a rental.
Here’s the scoop. Bank bought it at auction Apr 7 for 35,000. It’s been for sale just over a month for 68,000. It needs about 15-20,000 in repairs (depending on SFH or Duplex). FMV is about 90,000-95,000 after repairs. I do the work myself and if I resell I am confident would be off my books in under one year since I have a non related full time job. I have cash to do repairs. What is a good offer to make? I would feel comfortable paying 45,000 for it and if by chance I got it for less that would just be fine by me. How low would you feel comfortable offering. I’m pretty motivated to get this one. It’s about a mile from me in a nice suburb and would be very conveniant VS going into the city. It has never had an offer. And she said one couple is interested but have to sell their house first which bank will not allow any sale contingencies. Thanks for all your advice. I’m not sure how leniant banks are. -Brett