Asked by Lookyloo, CA Bay Area • Fri Jan 9, 2009
Yes, I have an agent, but I want to get sme more feedback from other people...I've been looking at a lot of REOs that need some fixing up. I don't mind, I'd rather do it myself. My question is : if the list price is 300K and I anticipate work is needed, should I
1) offer a price higher than the asking just to secure the bid, get an inspection and hope it finds work that needs to be done, return to the bank and renegotiate the price
2) offer a price that I takes the cost of the work into consideration (which may be lower than asking), and not necessarily be the highest offer?
If using option one, how sucessful is it to renegoitate a price after the inspection (assuming the inspection finds issues)? Would the bank at that point prefer to work with you, or move onto the second highest bidder?
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