Vanderbilt Mortgage and finance REO how low of an offer
Of course nobody knows how low a REO will go but looking for some insight on offering. It's a 1970 built house, good condition. Had new siding, driveway put, 5 year old roof in about 5 years ago and some new windows. $1400 square feet in a desired area with good school. Its actually down the road from where I just finished up and sold my perfect first flip. Guy bought it around 2012 for $74K fixed it up with stated above plus updated kitchen and new appliances, carpet blah blah blah. Sold it 2015 to a divorced lady with a child who over paid for it ($135K) she lost job then bank took it over and bought it back in March at referee sale for $101K. Bank is asking through a out of town realtor $120K
Previous owner removed all appliances, carpet needs replacement, new trim, new furnace, hot water a few new windows, new countertops , new 2nd bath. Ppersonally, 120K way too much, bank foreclosed amount was $145K Listing realtor description states TLC on the property; that's laughable. I'm thinking of buying it for a rental. My offer is probably going to be $82K. In my eyes it needs about 20K done to it. Does my offer number seem unrealistic? Rental values in the area are typically $1700 for a home and fixed up and sold maybe $140-145K or so. my recent flip is probably the highest the neighborhood has had in many years, but that home turned out great, more space.