I am looking at a foreclosure property that I feel is priced at market value, as if it were already fixed up. The house needs a LOT of work and is nasty... so nasty that probably only an investor will buy. I felt like I needed a shower after I walked through it.
I am going to make a very low-ball offer on the property, like $40K off list price (listed at $137,500). Anyone have any experience with a bank accepting such a low offer with a short time on the market? This one has only been listed 8 days and they aren't even accepting offers until day 10.
Your market is like ours here in Myrtle Beach South Carolina, The banks feel they are back on top again and can get full market price, mostly because there is very few REO's on the market now. R you dealing with the bank realtor or the asset manager?
I was in Dallas a mth ago and I felt the market for the most part has already ran.
@Account Closed I will be dealing with the listing agent. The property is already in MLS
The banks could care less what it will take to fix a property up, and they have heard it all from investors inflating the cost of repairs to get a better deal.
Originally posted by @Kim H.:
@Sydney Chase I will be dealing with the listing agent. The property is already in MLS
Does not matter if it is listed with agent or not, You can still deal with the asset manager then just write your offer with the agent. I do this all the time, But I also but 100"s of properties a year.
I think people (investors too) are paying crazy prices for those REOs in Dallas. You have to really work hard to get them at good prices so I don't see a good enough spread on purchase price vs. ARV to make any money flipping them.
I mostly see banks only accepting 85-90% or more of list price. Periodically dropping lp 5k until they get the 85-90%
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!