What do I offer! Need to submit an offer fast! - Posted by Michael Waller

Posted by Charles Steed on February 28, 2001 at 15:03:38:

What are the recent accurate comps?
What is the amount owed or in default?

Without answers to these questions you don’t know if there’s a deal.

What do I offer! Need to submit an offer fast! - Posted by Michael Waller

Posted by Michael Waller on February 28, 2001 at 14:56:13:

The property is in the beginnging process of going to HUD. I contacted the lender and was given the loan# and a fax# to submit an offer to with no guarantee acceptance of course. They just said be sure to include my # so they can respond.

It’s a SFH 4 bed 1 bath, fire place, small deck

Comps on the street went for $115,000 to $150,000 as of one year ago.

Area comp sales are still close.

What do I offer? Looks O.K. outside. needs some work of course. But it is boarded up in the front windows and doors.

What should I offer being pressed to hurry before it goes to HUD. And without being able to see inside because it’s boarded up?? Plus the lender is out of state.

Thanks, Michael

Also - Posted by Rick(CA)

Posted by Rick(CA) on February 28, 2001 at 15:10:33:

You need to do a more accurate comp check. Your’s are very broad. Are you just saying all the houses on the block? Because there are several different floor plans and sizes in any given subdivision of homes. Narrow your comp check down to those only.

You should also ask them if you can view the home. I cannot imagine making a bid on a home sight unseen (major problems potentially lurking) just because it’s going back to HUD. Do your homework. Don’t get caught up in a timeline crunch and go in blindly.

Best of luck!