OfflineI found an REO not too far from where I am now. From looking around in this neighborhood I can see that the comps for this property will be in the 245K to 292K range. The property is definately the ugly house on the block. All the other homes around this one are quite nice. I have not had an inspection on it but I do know that the water pipes froze up last winter and there is no heat now. This type of damage I am sure can be quite costly (I am going to call local contractors for estimates). The bank has it listed at 142K and I am thinking this is a great opportunity even with the damages that need to be done.
The property has been listed on the market for 114 days. Is this the type of property that would be up for negotiation on the price? Is it possible to get the bank to go lower on the asking price? Would I also be able to get it for no money down?
Experienced investors please help.....
Thank you. SS
I don't know the numbers but look at them carefully. 114 days on the market is only 4 months. But PUT IN AN OFFER the worst case is that the bank tells you NO. When talking to the bank or anyone for that matter, be polite but make sure to point out the negatives on the property.
I agree with Fjag 23. Get your estimates first, so you have an idea what the repairs will cost, and then make an offer. The banks don't get offended if you offer too low, they'll either take it or counter-offer back. It's very likely they'll take less, especially if there have been no other offers. You don't know unless you try.
The no-money down part, you'll have to use some creative thinking for that. It depends on where you're getting your financing.
Good job so far. Sounds like you're ready to get started.
Best wishes,
Rina
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Thank you for the advice. I will look into repair costs and go from there. SS