Banks look at a variety of things when they consider an offer. Such has how many showings have their been, what does the current BPO (Brokers Price Opinion) recommend and have there been other offers. So unless your dealing in a multiple offer situation your chances are good to submit once you and your realtor decide to move forward.
Good Luck and Best Wishes
Keller Williams Realty Integrity NW
Licensed in MN
If you have CASH you have a big advantage.
The only negative for you is if there are multiple offers.
Go for it.
Good luck and may God bless
Well, as an REO listing agent for the last 8 years you may be surprised to hear that you can insult the bank and actually do more damage when making a low ball offer than not.
You need to be able to negotiate from a position of strength. That means you can justify the offer with facts and figures. Banks do recognize those as honest negotiations and not just throwing out a figure and hoping it works.
You say it needs work. Put together cost figures for the bank to see. They know the condition and may have estimates of their own but you will come across as a serious buyer. And remember that cost of work is not just a dollar figure but time and hassle for the buyer. Let you in on a secret. Most banks recognize that for every dollar of repairs it reduces the value by a dollar and a half.
Just your homework done and if you can justify the offer, go for it. Oh, and expect them to counter fairly hard at first. That's why it's good to have an agent experienced in working with REOs on your side.
Steele V. Propp
Home Avenue Real Estate
Serving the Entire 9 County Metro
If I knew the actual physical property address I could maybe tell you more.