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A Wave of Zoning Law Changes Could Have Huge Impacts for Investors and Housing—Here’s What You Need to Know
The U.S. is facing a housing deficit of about 3.2 million units, and the situation is especially dire in urban areas like New York. It’s one of the reasons prospective homebuyers are finding […]
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Buying & Selling Real Estate
HomeForumsBuying & Selling Real EstateWhat should I offer? REO
Donald Fresquez's profile image
Donald Fresquez's profile image
Donald Fresquez
  • Member since May 4, 2010
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Donald Fresquez's profile image
Donald Fresquez's profile image
Donald Fresquez
  • Member since May 4, 2010
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Donald Fresquez
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Buying & Selling Real Estate

What should I offer? REO

Donald Fresquez
Posted May 4 2010, 09:30

I'm currently looking at SFR properties in my area to be used as a rental and came across a foreclosure that caught my eye:

Asking price: 66000
Average rents in the area for similar homes: 650
Repairs needed: ~8000

I plan on purchasing on a 30 year conventional with 20% down. What would be a fair offer (it is already priced low for the market not considering repairs needed). I've been reading the site and have a ballpark idea but I would like the advice of the members here. Looking at it as a rental, what would be a reasonable asking price?

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