Your purchase price may depend on more factors than what I mentioned above. The days on market, the buyer interest in the home, the inventory level of homes in the area will all affect the purchase price.
Perform your due diligence and determine your offer price from there. Good luck!
I would highly recommend to ask your Realtor to run the comps and give you the current market value. Bank owned properties are not always listed at the right values so it is important to have someone by your side who knows the area and can provide you with all the numbers.
Foreclosures are not always the easiest to purchase especially if this is your first time buying a home.
Talk to your Realtor about everything that is involved in purchasing a bank owned property to make sure you are aware of all the things you need to know to have a smooth transaction.
If you need any help feel free to contact me.
Sandra Gold - Realtor
room for negotiation. If the home you are interested in is priced
way below " comps" ,you just enumerated factors which would
limit a "turn-around" even with repairs.
Any values you are getting off websites are - " desk -top" estimates
assuming average condition and some consistancy with prevailing
Any offer on a Homepath listing will have to submitted through
a registered agent. Value information and prospects for an
offer are best obtatined from this agent. There will be an
inspection contingency in any offer accepted. Any inspections
should come during this period. If you need further help
contact me directly. Best of success!
Bob Brubaker Highlight Realty Palm Beach County Fl, 561-876-6649
If you get your offer accepted, then you can perform formal inspection. Id the inspector finds something not readily observable you can ask for a price reduction, but the seller does not have to approve.