Foreclosure in Newburgh>Question Details

Christina Ga…, Home Buyer in Newburgh, NY

My husband and I have found a foreclosed home int he town of newburgh for 139K. The house has been on the

Asked by Christina Gallagher, Newburgh, NY Sun Apr 12, 2009

market for 320 days and needs a completely new septic system and some other cosmetic dead trees fallen over the yard, doors missing from inside the house etc. . We are thinking of offering them 80K cash for the property? is this a reasonable offer?

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Sounds reasonable if these are all the facts.
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1 vote Thank Flag Link Sun Apr 12, 2009
Hi Christina,
you want to find out what the home will be worth after its reapaired, take 30% off of that, then subtract what it's going to cost to fix it, that's the most(MAO) you should offer them, make sure you start lower than that too. Let me know if you have any other questions.
Bill Smith
Fair Deal Home Buyer,LLC
Keller Williams realty - Lic Real Est. Sales Person
0 votes Thank Flag Link Mon May 4, 2009
Christina - what is the fair market value of the property?

and how much do you want to pay for it?

What is the purpose of the purchase? to live in? investment?
Web Reference:
0 votes Thank Flag Link Mon Apr 13, 2009
I hope you are working with a Buyer's Agent who can help you to determine the value of the property. That offer may or may not be justified based on what needs to be done to the property and the value you will anticipate the property having at the end of the renovation process. A buyer's can help you determine value and a good review of the repairs needed will give you a ball park (either by yourselves if you are knowledgable or a professional renovation provider.) Good luck with your continued efforts.
0 votes Thank Flag Link Mon Apr 13, 2009
Sounds reasonable to me. Any offer from a buyer who cn qualify is worthwhile in this buyer's market.
0 votes Thank Flag Link Sun Apr 12, 2009
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