If you haven't already, choose a professional Realtor who is also a Certified Distressed Property Expert. Realtors with this designation have received addional training on the matter and can help you navigate through the negotiation process with the bank.
Banks who own real estate are sellers. In this market, most sellers are motivated to some degree. Lenders sitting on unsold, repossessed property are loosing money every month. They will want to negotiate with a serious buyer any time of the day, every day of the week.
What is a serious buyer? One with Proof of Funds submitted with the offer or Lender Approval Letter (not a pre-qualification letter - this is worthless in today's market).
The worst that can happen is that you buy the house thinking $210k was a good deal and when you begin the rehab, you find out you should have paid $190k! Other than that, this is nothing time wouldn't cure.
However, your intentions with the property will dictate your exit strategy, timing, etc. Consult with a professional familiar with investment property before making your move and congratulations!!
Most people wait a lifetime and even die wishing they had even taken the step of deciding to become an investor. You've come farther than most people.
Wenceslao Fernandez Jr, BS, CDPE
Keller Williams Realty... more