Need advice: How do I make an offer on a foreclosed 4plex?

4 Replies

I need advice! There's a foreclosed 4plex in decent condition that I'd like to buy with an FHA loan. I really really want it! The place is in ok condition but might need some updated paint, but otherwise it's in decent condition, so I might not even need to improve it or anything. It's listed for 450k, but my real estate agent said there are already 3 offers on it, and it's been on the market for less than a week! Do you think people are offering more than 450k on it? Should I offer more? I don't even know if I can qualify for more via FHA, I think I might qualify for like 455k based on all the numbers... do you think I have a poor chance of getting this fourplex?

Also, what if I write a letter to the bank that has it about my situation? Maybe they will feel sorry for me or something and sell it to me, whatever works lol! I don't know if I can actually do this, and what my chances are of the bank actually looking at it? 

Your chances are low if you plan on offering 450k because if there are already other offers they may very well be cash.  This doesn't mean you shouldn't offer but have reasonable expectations on chance of acceptance, my gut puts your odds of getting the property at 10-15%

Originally posted by @Aaron K. :

Your chances are low if you plan on offering 450k because if there are already other offers they may very well be cash.  This doesn't mean you shouldn't offer but have reasonable expectations on chance of acceptance, my gut puts your odds of getting the property at 10-15%

 Can I increase my chances if I write a letter to the bank? Do they care about various situations (family with kids, etc)? 

@Ellie Narie you can but banks generally care less than regular sellers do which is very little.  It would probably also work better if you were buying a single family home, because that would pull more on the "aww how sweet" part of someone's brain than moving a family into a 4plex.