Asked by TL, 61554 • Mon Oct 29, 2012
My family is looking to move to a different, local, area. We found a home in a more rural location. The home is a foreclosure and is pretty beat up; (broken windows, ripped up basement, etc...)
The building and land assessment total 69k and change. The asking price is 131,900. The home is our ideal location and I'm sure the homes around it are worth, (guessing), a median of 180 to 200k. The house will definitely need quite a bit of initial work, including a new roof. (Not sure what else as it hasn't been inspected nor have we done a walkthrough)
I believe it's an REO, (as it's listed by a realtor). Sorry for my ignorance here, and I hope I'm posting correctly and using the correct terminology. My questions are:
What would be a good offer to make?
Why is the assessed value only 53% of the asking price?
I own my current home free and clear, (worth around 100k), so should I use that to negotiate?
Thanks in advance.
Real Estate in Boston
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