Home Buying in Poughkeepsie>Question Details

rabbitearsx2, Home Buyer in Poughkeepsie, NY

Should i pay for inspection before making an offer on REO? If a house is foreclosed to lender for $500,000, does it mean that the bank paid $500,000

Asked by rabbitearsx2, Poughkeepsie, NY Thu Dec 26, 2013

at the auction? It's relisted at $550,000 but the comps prepared by a REA posted ~425,000 -$450,000. What's an reasonable offer?

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2
You can inspect in order to educate yourself about what you're buying, but you can't use the results to negotiate. All REO sales are "as is" so there is an certain amount of risk attached. Bank has probably listed it reasonably, they don't want to keep properties in their portfolio, so figure about 5% below asking for a reasonable offer. Unless of course you know you have competition and you REALLY want the house...
1 vote Thank Flag Link Thu Dec 26, 2013
yes no question we did not and cost us best of luck
0 votes Thank Flag Link Sun Feb 9, 2014
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