Hello all,
I came across a listing for a lender-owned house. I found the tax info and found that the bank had bought it at a foreclosure sale in April of 2006 for $189k. It has been on the market ever since starting at 250k and has now dropped to 175k. I took a look at this house and there is a lot of work to be done. For starters the septic might need replacing and it definitely needs new siding, paint, carpet. The first floor dining room has potential to be converted into a 3rd bedroom. My question is how low will a bank go? They have already lost about 15k. I would like to offer 130-150k as previously stated there is some work to be done and I’m sure my estimates are low. The house appraised this year for 280k but sales have slowed tremendously here in VA. Any thoughts on my next move? I’d like to think this is a no-brainer, but I am having a hard time pulling the trigger. Please let me know your thoughts.
Thanks