It's not an insult to make an offer. If you need assistance feel free to call me their are specific guidelines that must be taken prior to an offer, which I can email you if your interested.

Hi there. I just did a quick search fo 5 BR/2.5 bath home in that same area and found only 1 other one....offered for $350K. So, at cursory review, it seems that the current asking price of the New London property is priced to take into account work that may need to be done (please note, however, that I only did a quick search.....more in depth research should be conducted by your Realtor).

If you don't have a Buyer's Agent -- that is, a full-time Realtor representing YOU and your interests -- I HIGHLY recommend that you do so ASAP. Having a Realtor representing you won't cost you a dime -- since typically the SELLER pays for both sides' Realtors. (With that in mind, why would ANY buyer want to "go it alone" without an experienced and knowledgeable Realtor by their side?)

Please feel free to contact me at (610) 324-5240 with any additional questions you may have about this or another property. It would be my pleasure to assist you in any way that I can.

Good luck and blessings to you.............

Warmly,
Judy

Judy May, Esquire, REALTOR
"A Refreshingly Different Real Estate Experience" http://www.JudysFineHomes.com
Judy.May@Century21.com

CENTURY 21 Alliance
2828 Audubon Village Dr
Audubon PA 19403
O: 610.666.0202 x. 226
C: 610.324.5240 (preferred)

Buying a distressed property is multi-factorial (provided I understood you correctly and this property is still a foreclosure), more often than not there is no negotiation room for making repairs or even seller given credits because the lack of equity in the home. Banks often respond to offers based on an equation as they are looking to get "X%" of what is owed by a certain date and that number may change after another date in their pre-determined timeline passes as they may be under the gun to get it off their books during a particular fiscal year. Also, in many cases a traditional loan product (trying to go FHA or conventional) may not be applicable as depending on the repairs that are needed, as minor as some may seem, lenders are becoming increasingly hesitant to lend on anything that is not in near perfect condition. I largely work with clients interested in buying distressed properties as well as list them, and I run into this challenge daily. With that being said, a conventional renovation loan may be necessary to obtain (and are hard to find) which would be based on an offer price (base loan amount) plus repairs (which would be a separate loan) . Once the seller is educated about the approach that has to be taken for you to purchase the property, it less insulting and more informative. This is a complex subject and I am trying to simplify, if you would like to learn more so you can put in an offer or even how to obtain such financing if it is necessary, feel free to contact me!

Who are you worried about insulting? If you want the house, then make a reasonable offer - if others like it, they will too and perhaps higher than you. You need to determine with a REALTOR, what other homes really are selling for (have you personally been in those other sold homes to compare finishes,condition sq foot, paid closing costs etc>). Without comprehensive information, it is impossible to determine a true market value. A Home Inspection will be very helpful.