hi i looked at a house today that been on the market since july 2005 it started at 39,000 and now it down to 25,400 the arv is 50,000 the house need window and a roof and gutter and a furance and 3 new door and kitchen cabinet also there 3 big trees around the house i projected a repair cost at 12,000 so i put a bid in at 10,000 so do you think the bank will take a look at my offer or just reject it. my plan is to buy and hold for two year and then sale
Sometimes it’s just a timing thing with banks. If it’s been sitting that long, they should at least counter. I’d be surprised if they just reject, unless they get or have a better offer.
If the bank rejects your offer, don’t give up. In fact be persistant. Banks are kinda weird about selling their REO’s. One day they will not budge and a week later they will drop the price by $10,000. Or more. That’s what happened to me on my last purchase. It took almost four months and three p/a’s but I got the place for less than my first bid.
hello everyone! today the bank counter and you wouldnt believe the fool came back asking for the full asking price. i guess its one big game so i will wait for the fools to come their sense and drop the price, the house has been on the market for almost 8 months