How do I haggle on buyin a house thats a repo?
senseibond asked:
looked at a bank owned repo house in crap shape huge lot of land previous owner left it in a massive mess. the bank is asking 99500
my realitor said offer them 50,000 and work from there House needs ton of work in the tune of thousands whatta I do?
December 23rd, 2009 at 5:36 am
what are similiar houses in good shape in the area going for?
with repo’s half of what they are asking is a good starting point.
do your research to make the house livable in dollars and point this out bank.
point out how much similiar houses are selling for.
put in an offer, the worst they can say is no.
you do not want to give bank what they are asking and considering what condition it is in, i would not go above 70k
December 26th, 2009 at 3:48 am
Offer it. The lender can just counter offer ya. But if you need financing keep in mind that an appraisal will be needed by your lender and if they feel the property is defferred you will have to see if the selling bank is willing to complete the repairs and that may take time. Heck that might even be a way for them to accept a lowball offer…
December 28th, 2009 at 8:21 am
All markets are different. The previous posters obviously do not work in real estate.
In my market, most REOs are selling close to asking price, most within 90%.
You can offer 50k, but expect a counter.