Do you have an agent? Coming in at 55 on a bank owned property that I think is listed for 79,000 is not the worst thing in the world. How are you buying the home? Is it a cash deal or do you need a mortgage? Email me at email@example.com and I will give you my thoughts on where you should start to end at 70. I work with a couple of local investors in the Easton area, that buy up foreclosures very often in this area. Let me know, and good luck if I do not hear from you!
Ed, hire a local agent to assist you. If you don't know anyone in your area, email me and I will connect you. The questions are good, but really you need someone who can ask questions to clarify and then answer.... and that would be your agent that should do that. Below is a link to a blog on buying REOs (post foreclosures) and it should help you. Make sure your agent knows REOs if that is what you're considering... not every agent has experience in this area.
Foreclosures are properties that a lender has taken back from a buyer who did not pay on the loan. They can be bought for significantly reduced prices, but not always. Also, the rule that you get what you pay for applies--many of them are in very bad shape.
A good buyer's agent can usually help a buyer get their best deal, and a patient one can help you find a bargain. If you also need financial assistance, we know where to find that too.... more