Updated over 12 years ago on . Most recent reply
REO Speedwagon
Hi, all. I've been reading threads on here for a while trying to absorb what I can, but this is my first post. I am a first time homebuyer, but thought I'd ask this on here since you folks have a lot of experience & very few on the real estate sites seem to want to touch this with a ten foot pole.
A bit of background: The FM home that we have been stalking for several months is finally almost ready to list. It listed briefly last fall & then was taken off market to be remediated for methamphetamine. Since, it has continued to deteriorate & be vandalized. After all this time, I finally see it pop up on the homepath site under the coming soon category. I know it's not wise to get emotionally invested in a bank owned home, but we want this one desperately. Despite it's obvious flaws, it's perfect for us & I'm confident we can restore it completely. It's allegedly been remediated, but I honestly don't think they did much. I'd want to take it down to the studs just to be sure.
I just wanted to get some opinion on a few points. Firstly, what kind of a discount, if any, should be reflected in the list price just given the stigma? We live in a state where it must always be disclosed, even after remediation. And lastly, would you expect this to deter most competition? We really want the place, but aren't willing to wind up in a bidding war & overpaying for something that's going to require a lot of time & money. Thank you for your time in reading this & any feedback is greatly appreciated!