THROW ME YOUR BEST AND HIGHEST OPINION
Hello Bigger Pockets Members,
Here is the situation:
I won an third-party auction bid for a bank foreclosed single family home. My bid was the highestest $425k but did not meet the reserve and so the bank may still consider and approve it (or reject it).
The house needs about $200k in work (assume it will take 4-6 months). But then likely worth the similar market value of $850k.
The bank came back and said to send my HIGHEST and BEST offer now for their consideration.
If it were you, what would be your highest and best offer be?
note: fell free to use your own assumptions on economy, future markets projections, inflation and such that you would like. For this example, this is only information available to make a decision....which could include 'walk away' from the deal.
Investment Facts:
Original Bid: $425k (but now asking for highest and best)
Rehab Costs: $200k
Original Total: $625k
After Market Value: $850k (Approx)
Shoot me a number....Let me know...! :)
I'll keep you updated.