Hi There,

For the Most part I agree with Rey. Also, Look for a licensed Home Inspector/Engineer to do a complete inspection. This costs money $500-$800 but it is worth it if you want the house and to make sure it is worth the money you will be spending. Many foreclosures have an as-is clause in the contract that precludes you from legal recourse after thecontract is signed (even with an inspection ). This means you need as much knowledge as possible before that contract is signed.
Good luck and Call Joe Greene if you need anything else (Although Rey is good too).

You are justified in your concern. I recommend you do two things.

1. Get your realtor to give you comparables for the price of a renovated home in the area. The realtor should only used sold houses in the last six months. If you don't have a realtor, I would be happy to help you.

2. Get a contractor to walk through and give you an estimate on the repairs you want to make. Use a licensed contractor. If you dont have one I can recommend a couple.

Take the cost of renovation, subtract it from the market value, and thats your offer. If you need help, then AskRey.

Rey Hollingsworth Falu
Licensed Associate Real Estate Broker
Houlihan Lawrence

Direct 917-855-0277
rhollingsworth@houlihanlawrence.com