Would you take $225,000.00 this baby needs some work.

Asked by Audrey Epstein, New York, NY Sat Jan 31, 2009

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This question is about this property: http://www.trulia.com/property/1063685053-747-Hancock-St-Bro…

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3
Everett Perry, Agent, Fresh Meadows, NY
Sun Feb 1, 2009
You can certainly put in a an offer but generally speaking asset owned property does not have that much negotiation room in the price. While the listing offer does have some obligation to take and present the offer it probably wont go anywhere at this time.

Just so you understand by the time the listing agent receives the deal there has been an external an internal BPO (Broker Opinion) performed. The bank along with the listing agent come up with a price for the property, The BPO takes into consideration the amount of work it would need to bring the property back to proper condition.

While you can save money by buying an REO the way to to come out ahead is by saving money with your construction costs. In many cases by the time the average homeowner accomplishes the work they have paid what the property was worth retail. The real advantage to REO properties, in my opinion, is that you get the house designed and decorated the way that you want it to be. You dont really save that much money versus the retail price.
0 votes
David Rogoff…, , Brooklyn, NY
Sat Jan 31, 2009
This listing was a bank-owned property posted on VLS by National Brokerage and it looks like there is already a sale pending. Check with the broker, just go to more details and it gives the information

Bonnie & David
0 votes
Carmen Di Bi…, Agent, Nyack, NY
Sat Jan 31, 2009
Audrey,

I am not the listing agent but with foreclosures, all offers must be submitted by the listing agent to the asset manager in writing with proof of funds or preapproval letter. There are no exceptions.
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