Rehabbing
Hi all,I got one for you...A Bank house listed at 199,000 Will sell for 225,000 when completely rehabbed. I offered 175,000 and for them to give me 3000 in closing costs back. they are willing to paint home and put carpet in. anyone have any suggestions on how to make this deal work. I'm also trying to somehow get money from them at closing to cover downpayment.
Thanks for any input. <IMG SRC="images/forum/smilies/icon_eek.gif"> [ Edited by special on Date 02/05/2004 ]
How long has the home been on the market? What was the mortgage amount that was forclosed on? Did the bank counter with a lower price along with the repairs?
So far my expperiances with bank owned homes is that the banks are not willing to deal much. The homes usually start out overpriced for the condition (listed for what their worth once rehabbed or at assessed value). Over the course of time the banks will lower the price 5%-10% at a time until an offer comes in close to what the current listed price is. Good luck with trying to get closing costs or cash back, the simpler the offer the better your chances are. Even when dealing with a bank, cash is king.
Good Luck