Bank Owned
Hi all,
I am going to look at a bank owned property that is listed with a realtor. It has been on the market for a month and they have already reduced the price $50k. The realtor also added that they will still negotiate that price. He explained that there are some repairs that need to be made but nothing ridiculous. I am comfortable looking at the house and estimating costs of repairs - my background is in construction. I know the area and sight unseen, my gut is telling me that there asking price is still high considering repairs and holding costs. (i am looking to buy,fix,flip). I am not sure what the balance of the mortgage was when the bank took it back, is there anyway to find that out?
I am looking for some feedback from experienced investors who have done bank owned deals pertaining to offers and financing and whatever else that may be relevant.
I find this site and the people on it to be very helpful, knowledgable and imformative. I hope that someone can offer a bit of advice .
Thanks in advance
CH
Give them a very, very, very low offer & they may counter with what they will take
no ask, no get
my wife gets embaresed with my low offers, but she smiles when they are acepted
John
If the bank has already taken the property back, there should be no need to know the balance of the old mortgage. The equity and the old financing is gone. You are striking your own new financing. The only factors that should concern you are the price, the costs and the selling market.