Recently I looked at a property that is for sale with a realtor. The property is scheduled for sheriff’s sale in two weeks. The realtor and seller have already gotten word from the lender that they will consider a SS.
The seller’s obligation to the bank is $144k. The property is currently listed at $139k. It has been on the market for several months and no offers have been made. Again, it is scheduled for sale in two weeks.
During the showing, the realtor told me she thought the bank would accept $130k. Several weeks passed. A few days ago I called her and asked how receptive she thought the lender would be to an offer of $100k. Her response was “no way!” At that point she said they MIGHT consider $120k but definitely not $100k.
After thinking about it for a while, I’m thinking about calling her back and requesting that she submit the offer for $100k. The house could probably bring $140k after repairs. It needs the typical things … paint, carpet, new vinyl in the laundry room (it’s severly torn), and some general TLC.
I don’t think my offer is that far out of line. Any thoughts?