Foreclosure/short Sale Helphelp
New to investing.
Property 3 months in arrears
Bank will consider SS.
Owes a total of $35000.
ARV of 57,000.
Contractor estimates repairs at 15-20k. The property has foundation problem needs a new roof and kitchen.
Plan to offer the bank 15k(only way I'd be interested in it). Or should I even bother making the offer coz I have a feeling the bank is going to laugh at me?
First of all, offer the bank what you think it is worth and don't worry about them laughing at you. Have a POSITIVE attitude about this. If you know what you are doing and can back up the offer with reasons why it is at where it is at, you might be suprised. Myabe someone else will out bid you, but if you can't make your profit spread, does it really matter?
You mention youa re new to investing. Do you have a strong background in rehabbing or construction? The reason I ask is you mention foundation problems. I am not an expert, but I would stay away from foundation problems pretty much at all costs. Unless you know exactly what you are getting into and how it can be fixed (with a set cost), foundation problems can be a true money put.
Just my opinion.
John Walko