HELP!!! I have an offer in for a house listed iwht OCWEN> I bid 40k lower than the price,…but waived inspection.
They just told me that another bid is in that is 10 below price requiring inspections.
THey said they want the ‘best offer’ from both bidders…
Two questions
1.) They said my bid is a more attractive offer cause i waived inspection, BUT I have to come up and meet the other price by 30k. Well then how is my offer more attractive???
2.) they have me paying all sellers closing costs? I complained and got them to waive the title fee as long as i use their title company. but why do i have to pay the transfer tax and the taxes ?
I would still make about 30k from the deal if i come up in price…
THANK YOU!!! I need to give an answer ASAP
It is hard for you to give any advise from the information you provided, and that is the reason no on has replied yet. You need to provide following information to make good judgment:
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Market value if the property is in good condition (how much you can sell if for)
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Repairing cost — from you you can see since you can’t do inspection from professional…roof…bathroom work…etc etc
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What will you be doing with property? Flip it? Live in it? Rent it?
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Your cost until you rent/live or flip (Per month and total…
if you have these data … you will be able to judge yourself if this it’s a wise decision to bring up your offer…
Good luck…
DFW
o sorry…thank you for the guidance
the ARV is 550 MAYBE with todays market this is questionable
repairs maybe 20 - not kitchens or baths…more mold in basement, kitchen floor is buckled (think owners left water on) 2 large tree removals, replace long front walkway is needed.
i bid 420…i went up to 430
the other bid was for 450. if i went up to 450, did the repairs, it wouldn’t be worth it after all the 2 settlement and realtor fees. my other concern was for this neighborhood, that high of a price, the property will most likely sit for a while…adding to my costs.
They accepted the 450 bid and it is contin on inspection AND mortgage. I had prequal letter and waived inspection.
i respect and appreciate the advice of this forum. I was just reading yesterday…do the math and stick to your numbers…this is a high end house at a bad time in the market. I looked on realtor.com…the only houses in that price range in the same neighborhood are 7 bed 5 bath…this is 4 bed 2.5 bath…
I hope i did hte right thing? 