I Made My Offer.... Fingers Crossed...
i offered 280K for a REO... the one with sever mold and approx 55K worth of neccessary repairs. Im planning on using it as my primary residence... heres some interesting facts.
A Bank owned reo that I was looking at before it hit the MLS system. 3 offers already in and the bank listed it at 325K (house across the street JUST sold for 350K)
I was offer #4 and just found out they are only accepting offers until tomorrow at noon. I then went from my lowball figure of 250K with room to neg. (with 280 as my limit) to offering 280K as is no inspections, 30 day close, pre-qualified loan.
What do you think my chances are?
There are 3 other offers but I doubt they know as much about the neccessary repairs as I do. Is my offer fair? think it will be successful?
I should know within 24-48 hours from now. Please wish me luck!
It sounds like your in upside down? 55k in repairs, comps at 350 (hopefully smilar) holding costs will be higher due to the amount of work your going to need to do etc.
280K Purchase price
55K Repairs
___________
335K - 1 Comp at 350
That leaves 15K and it will probably be eaten up with something you haven't made a contingency for and or holding costs.
If you had to sell by realtor due to anything you would have to bring 10-15K to the table just to get rid of it.
I know this is a primary but not a creative real estate deal by a long shot...
[addsig]
but what are the chances ill get it? I have a feeling others are going in closer to the asking price of 325 just because they have no clue what needs to be done.
my 55K repair price is padded heavily and the comp was on a smaller house, less land, with no pool