Putting in my first offer tomorrow!
4 Bedroom 1 1/2 bathroom 1900 sq ft REO
Needs all new flooring (smells like dog!), paint, and lots of vinyl windows replaced. Basically all new bathrooms (I think I'd put a standup shower in to make it 2 full bathrooms). Kitchen Cabinets are all real wood in good shape that I would paint, put on new hardware, new sink, and new countertop. Lots of new lighting fixtures, doors, and garage door also needed.
I'm estimating repairs to be $14k but could be $18k if I need to put on new shingles.
Asking price is $47,800 but its been on the market 87 days.
I'm coming in with an offer of $35k.
There is a 3 bedroom one bath 1400 sq ft home for sale next door for $85k. My agent says that if I do what I told him, he thinks $80k would be a realistic listing price and "worst case" sale would be $70k.
So ($80k * 70%) - $14k = $42k Max Purchase price in "best case"
or
($70k * 70%) - $18k = $31k Max Purchase price in "worst case"
Thoughts?