1st Deal - Need Advice QUICK!
Okay. I have located a Bank Held Property that was foreclosed on December 6th, 2004. The "asking price" on the home is $203,500. The home needs approximately $8,000 in repairs. The house is vacant obviously and I have spoken with the listing agent. I have pulled the tax information from the county website and the 2005 tax year appraisal value is $172,000. The area that the home is located in is not a "GREAT" resale market(which should benefit me) as I intend to occupy this residence. I have pulled information on other homes in the same area and they are selling for $160,000 - $175,000 on average. The original assignment of mortgage was in the amount of $139,000 in May of 2001. I have spoken to the agent and expressed my interest in making an offer AS-IS for $140,000. That is based on the fact that resale in the area is poor, the repairs needed, the comps in the area and the fact that the property is Bank Owned. He seems to think that the offer would not even be considered by the bank because the asking price is so much higher than that. Can someone advise me of what steps to take to make an offer on this home? Should I try to contact the bank directly or can I even do that now that it is listed?
Jeff,
you are breath odf fresh air to see that there is somebody out there to say the same thing that cost me $2000 to get from an attorney. We were in a battle for our house and took emotional stress, hard luck feelings and just good old emotions to the settlement hearing thinking we would get a fair shake from the mediator, and really all we got was told to leave the emotions at the door and only think money. This is the only reason we are hear. My wife and I were devistated when our attorney completely agreed with him. we settled that day but learned a very valuable lesson and hence are now going into the realestate investing business. We have been hardened just enough to make this a wonderful business to be in.
Please leave the emotions and self gratification at the door and your dealings will go much smoother. :-D
[addsig]
Thank you guys so very much for your responses. I appreciate all the help and support this forum provides.