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.
Cody Anderson, MN Licensed Realtor
Metropolitan Home Team
Are we Facebook friends? https://www.facebook.com/cody.anderson.1293
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.
Michael Doyle Realtor
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.
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!
Just curious... Best, Dunes
Sorry to steal and repeat your question Maria, but I am also really wondering about the reasoning here...
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.