I am about to make an offer on a foreclosure in a southtown of Buffalo, NY. The bank just dropped the price
from 105000 to 95000. It is a big house almost 3000 sq ft. but it needs a lot of work. What would be a realistic first offer I figure start at 60000 and maybe meet in the middle somewhere. Any comments are appreciated.
This should be treated as more than a guessing game....you real estate professional should be providing some concrete information on which to base a solid offer. Get the information that will assist you in making a realistic offer.
Most REO's will take some time with getting back to you with an offer. You traditionally do not get many opportunities to counter, due to other offers. Put forth your best offer with regards to the comparables in the area and your estimates of the work to be completed. You should have a number that you feel the home is worth and how it will benefit you and your financial situation.
Where is your buyers agent? what do they recommend? All homes require research determine how submit an offer on a foreclosure win/win for all parties.
I have been a listing / buyers agent regarding foreclosures.
My concern will the home pass inspection ? Many other issues.
. Lynn911
~ National Featured Realtor and Consultant, Lecturer regarding Credit Repair, Mortgage Loan Officer
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