Asked by Jerry Zheng, Milpitas, CA • Sun Jan 29, 2012
This seems to be a pretty good investment property listed @ 30 -35 % below market. I was told that the bank who foreclosed on this was owed only 95% of their asking price. To act fast, without looking the property, I made an offer and my cash offer (15% over asking) was accepted immediately. Here comes with my questions/suspicious about this whole thing:
1] Does this sounds right for the bank listed this so low while they can make more money?
2] How did this property even become foreclosure initially if the value of the house is much high than what the original owner's mortgage?
3] I was told there are multiple offer on this, this is why I act what I did, with the speed of getting accepting, I wonder if I overbid on this
4] What can I ask now to compensate if overbid was indeed the case, I can ask credit after inspection (paint, carpet replacement and etc), right? Any other idea?
Only 7/15 days for Inspection/closing, clock is kicking. Your prompt advice is appreciated.
Real Estate in Elk Grove
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