Need help w/ offer price on HUD
All,
I have run across an HUD owned home in a great neighborhood...1700 sq ft, 2 beds, 2 baths, a rec room, and an office (bedroom w/ no closet). It is on a corner lot, and similar houses are going for 130-160K. This has some work to do...mainly cosmetic, as the carpet has been pulled up, walls are hideous, etc. However, its was reduced down to $96K and has been on the market for 4 months. I would be willing to pay up to $95K, but any lower is bonus.
The question is where should I make my first offer. The house was originally listed @ 120K and I believe it will only take $10K to get it sold @ 135K. I am thinking $80K would be a good starting point.
Thoughts?
Most Popular Reply
I would start around 65-70% of current asking. I've gotten about half my HUDs in that range that had been listed for a while and then reduced.