Has anyone bought a home from VA? I put an offer on a home last week and I was told my offer was too low and VA will not negotiate that much. Does anyone know what percentage they will come off the asking price?
The numbers were:
ARV $115,000
Repairs $15,000
List Price $101,900
I offered $70,000
In your opinion, is that too low? I plan on rehabing the property and sell it to a retail buyer.
I’m not seeing any bargains in these foreclosures. The problem is your competing with RETAIL buyers. These people are happy to buy at a 20% to 30% discount. If WE (investors) do that, we don’t make money.
Just move on. The longer they have it the more willing they’ll be to come down. Also remember…If this home is in a nice area and doesn’t need at ton of work, the bank is gonna know this. They hold out on the stuff they can get decent money for. The bombed out, copper stolen, vandalized dumps they’ll deal on, but if it’s decent they’ll hold out.
Just my experience.
Does anyone know what percentage they will come off the asking price?About 95%
The numbers were:ARV $115,000
Repairs $15,000
List Price $101,900I offered $70,000
The problem is, like fdjake said, you will have to wait until the price comes down to where your numbers work. By that time, it will probably be sold to some newbie investor or owner occupant. The REO deals are far and few between (in my opinion), but they are out there. Just be sure to stick to your numbers and wait for the right deal.