Terms on REO offer to bank

[Arthur J. Encinas]

Hello guys,

I'm putting an offer on a REO that's been completely vandalized. Copper coil ripped apart from walls and even ceiling. All rooms and house is damaged. My GC told me it would be $35k for complete rehab. Build in 1930, he said the only thing that's good is the wood structure and the foundation.

3 BR/1 Bath, 996 sq/ft, lot size 9,600. REO listing is at $63k and it's been on market for 75 days but has a solid offer for $56k with no contingencies.

ARV = $125k-135k-though a home (4/2) 1100 sq ft two blocks away just sold for $170k.

Rehab = $35k-$40k adding 2nd bathroom.

Based on numbers, $60k is cutting it pretty close.

What are some creative terms you would put on offer to stand out to the REO bank? Such as increase earnest money and offer less...offer $500 more than last offer with more earnest money, etc.,

What are you suggestions on your past experience?

Thank you guys.

[Wayne Brooks]

No contingencies, POF, $30k EM.