hello, I’m new at purchasing properties for investing, the properties that I’ve purchased have been from the owner, I want to make an offer on a home that is listed with an agency but it is a foreclosure listed price was 63,900 just reduce to 59,900 what should I offer?
What is the property worth?
How strong are sales in your area?
How much fix-up is needed?
What will you be doing with the property?
Is it a bank REO or a HUD/VA repo?
Personally, if it were a “buy-and-hold”, a bank REO, didn’t need a ton of work, and the local rental market was decent, I would offer about $50K for it and see what they say…
Disclaimer: That’s what the market is like here…it may (and is) different in your area…unless you live here and then it’s the same.
Keith
Do you typically offer 85% in your area on properties, if so what % are accepted?
Thanks, I’m not sure if it’s an REO the agent just said it was a foreclosure that was the number I was thinking. the value is about 90k if not more I’m going to buy and hold doesn’t need a lot of repairs, paint, carpet and a garage. I’m in TX DFW area not sure where u r .
Three hours east of you on I-20.
Keith