OfflineI'm very new to this program and think I have found a couple of foreclosures that I would like to make offers on. NOTE: I have not done this before. Does anyone have any offer letters that they would like to share that I can work from. The specific one I have in mind is a great little property that they are asking $159,000, however I know the bank only paid $132,000 for the property and I know they are willing to take a hit just to get rid of it. It doesn't need a lot of work, but needs washer/dryer, carpet, paint cleanup and a few repairs - I think I can do it all for about $10,000. If anyone would like to offer assistance in what I should offer and how to get through this deal. I would truly appreciate it. Please feel free to e-mail me at [EDIT: NO EMAILS IN FORUMS PLEASE] or respond on this forum. I'm just hesistant making that first offer. Thanks much.
Example or Sample Offer Letters to make a ridiculous low offer to the bank (who is the seller on a foreclosure).
Posted on: Tue, 11/11/2008 - 13:40
Example or Sample Offer Letters to make a ridiculous low offer to the bank (who is the seller on a foreclosure).
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- by tabasco250
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You need to determine what property is worth before making an offer. Get some good comps on the property, and get an accurate estimate of repairs needed. Then you can determine what your total cost would be to purchase (closing costs), repair, hold (holding costs while making repairs and waiting to sell or rent), and sell (marketing, Realtor costs, etc.). Then you would need to deduct from the offer how much profit (or equity) you want from the deal.
Al
"NOW GO FIND A DEAL"
Watch your thoughts; They become words,
Watch your words; They become actions,
Watch your actions; They become habits,
Watch your habits; They become character,
Watch your character, it becomes your destiny.
Frank Outlaw
How do you get into an REO property to inspect it and determine what the repair costs would be BEFORE making an offer?