All Forum Posts by: Tara Smith
Tara Smith has started 1 posts and replied 2 times.
Post: Is our offer strong enough?
- Cartersville, GA
- Posts 2
- Votes 1
@Michael Faust Thank you!
@Russell Gronsky Thanks for your feedback! The area is fairly rural, average home price about 130k-140k. We plan for about 25k in reno. This house is very nice for the area (or would be after being brought back to life), that’s why I was concerned we would be out bid. You have a good point on the numbers, perhaps we’ll sit tight on the offer we have in right now. I may be underestimating what it’s worth in the end.
We’re new to this, in what situation does a bank ask for highest and best? Only if competing bids are close?
Post: Is our offer strong enough?
- Cartersville, GA
- Posts 2
- Votes 1
Type: REO
Listing: $130,000
Our offer: $140,000, no closing contributions from the bank, $1,000 EM, preAPPROVAL (not prequal)
Estimated Value in Current Condition: $150,000
Estimated Value After Renovations: $195,000
Listing states only cash or FHA 203k loans will be considered. We went with the latter.
We are worried our offer may not stand out enough for a highest and best opportunity, if there were to be multiple offers. We are currently waiting for the 7 day waiting period to end and then they will review offers. Any thoughts?