Home Buying in 55438>Question Details

Erin, Home Buyer in Minneapolis, MN

The house I am interested in buying is a forclosure home in a fairly undesirable location (high crime area)

Asked by Erin, Minneapolis, MN Sat Dec 6, 2008

with a lot of homes for sale. The home is in fair condition and the bank is asking 55,000. I want to know if an offer of 30,000 cash is a good offer. Thanks.

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10
Cody,

You do realize that this question is almost four years old?
2 votes Thank Flag Link Mon Oct 22, 2012
Why do you want to buy a house in an undesirable area?
Web Reference: http://www.MariaTMorton.com
1 vote Thank Flag Link Sat Dec 6, 2008
Is the property newer to the market? I find that even the banks are willing to hold firm on their asking price for about the first 30 days.

Do you have representation? It is always a good idea to have a buyer agent on your side!!

Best of luck. If I can help at all please feel free to contact me.

Thank you,


--
Cody Anderson, MN Licensed Realtor

RE/MAX RESULTS
Metropolitan Home Team

Phone: 612-242-5752

Website: http://www.results.net/cody.anderson

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0 votes Thank Flag Link Mon Oct 22, 2012
Erin,
That is a good offer in this market for a depressed area. If you can rent the home out or live in it for five plus years you should do very well. Buying real estate at the bottom isn't for everyone but there will be a lot of money made the next few years on these types of homes. Having said that don't overpay, if they won't take your 30k move to the next one.
Good luck,
Michael Doyle Realtor
0 votes Thank Flag Link Sun Dec 7, 2008
Erin some banks list at retail value while others list the home at a price to get an immediate offer. Your best bet is to find out what the value of the property is in todays market and base your offer on that instead of an average deduction. this will help you in getting a abetter deal. good luck with your offer Erin
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sun Dec 7, 2008
Erin,

Throw your offer in there and see what they say. Bank offers are a lot of hassle, but can produce good deals if you are willing to do the work. At the end of the day, if they won't take the offer, give them their 55,000 or move on. Good Luck.

Cameron Piper
Web Reference: http://www.campiper.com
0 votes Thank Flag Link Sun Dec 7, 2008
Hi Erin!

As the Goheens said, there are a lot of factors to consider. If the home is properly priced and just put on the market a few days, the bank might not be interested. But if the home has been on the market for awhile and your offer is the only offer, the bank might consider it. The only way to find out is to write up the offer and submit it.

Best of luck!
0 votes Thank Flag Link Sun Dec 7, 2008
Erin,

It siunds like any amount would be a good offer. As others before me have stated, we also question your motivation. Good luck
0 votes Thank Flag Link Sun Dec 7, 2008
I have the same question as Maria since I think it's a good one. Why would you want to buy a house in a high crime area? If it is for a rental why would you want to open a Pandoras Box of potential liability ect...

Just curious... Best, Dunes

Sorry to steal and repeat your question Maria, but I am also really wondering about the reasoning here...
0 votes Thank Flag Link Sat Dec 6, 2008
Hi Erin,
There are many different factors the bank will consider. If it's been on the market for awhile they may be more desperate to sell. It can't hurt to make a cash offer and see how they respond.

Let us know if you need any help.
Web Reference: http://www.thegoheens.com
0 votes Thank Flag Link Sat Dec 6, 2008
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