Rental Property Investor · Dallas, TX · Member since 2018 · 35 posts · 19 votes
I have a property that's a Foreclosure and the bank is wanting $60k for it. I'm looking at buying and holding the property to put a renter in it. It needs about $20k worth of work if I was going to flip it but less since I'm putting a renter in it. There are no properties that sale fast in the area. Last sale was about 160 days ago for about $65k.
Are the banks negotiable on their price? And if so what would be a good offer with the property needing some cosmetic work.
Lender · Ladera Ranch, CA · Member since 2014 · 1k+ posts · 1k+ votes
8y
@Eldrick S. With most REO's, the decision makers are most interested in seeing clean offers that have a high likelihood of closing. Cash offers, 30 day closings, only the physical inspections contingency in place, are the best from their point of view. Include Proof of Funds. They probably won't be too interested in a repairs report or comps since they'll be relying on their listing agent to provide those.
Rental Property Investor · Indianapolis, IN · Member since 2018 · 4k+ posts · 4k+ votes
7y
@Eldrick S. It's shocking how greedy some banks can be. I made an offer on a foreclosed property that needed everything redone (roof, hvac, windows, kitchen remodel, paint) and they came down a whooping $4,000.