Home Buying in Illinois>Question Details

kelsiegray, Home Buyer in Paducah, KY

Considering making a super low-ball offer on a major fixer-upper, bank-owned home..what can I expect?

Asked by kelsiegray, Paducah, KY Mon May 14, 2012

OLD (1860s) farmhouse on a few acres in S. Illinois. Economically depressed area, but I have a great job and really want a project home. Father-in-law is a general contractor who can do much of the work for us. House is structurally sound but needs new furnace/cooling unit, new roof, termite damage repaired, possible septic work, tons of cosmetic work. The bank has owned it for 2 YEARS and the listing agent tells me it has generated very little interest. It's exactly what I want, but I know how much work it needs. I'm a cash buyer. Asking price is $69,900 (bank drops it every few weeks). Realtor has suggested offering $30,000. It's to the point that the realtor has just given me a key to the house because I'm the only person who wants the place. I'm treading carefully and doing a lot of inspecting/having others inspect. What can I expect when making such a lowball offer? The bank has stopped maintaining the property. The grass is 3 feet tall. I think I have a shot...

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4
Normally, I am adamant about Low-Ball offers:

But in this case, I would have to make an exception.

As has been said; I would make it with NO contingencies; make it very easy for them to say yes.
Don't ask for Closing Costs nor Inspections.

Go for it.

Good luck and may God bless
0 votes Thank Flag Link Tue May 15, 2012
Cash Deal, no contingencies and 30 day after acceptance close.

Good Luck
0 votes Thank Flag Link Tue May 15, 2012
If you want your low offer to have any chance there should be no contingincies and a quick close. They usually do not consider lowballs with mortgage and inspection contingincies. You have to put it in writing and submit to know what they will or will not take
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Tue May 15, 2012
Chances are you can expect a counter offer, but every seller and property are different, and basically, what do you have to lose. They can only say no or counteroffer, but if it has been on the market that long, who knows. Go for it!!!
0 votes Thank Flag Link Tue May 15, 2012
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