Need Advise On This Property
hi everyone.
i have this question.
i saw a foreclosure ad in my local newspaper that said $133.k was the foreclosure amount and had a realtor do a comp on the home.
she said the house was valued at $210k and when i drove by the house i noticed a for sale sign out front now.
i called the number and the realtor called me the next day and said the price was $183k and that the property needed a little TLC which i figured.
she said the owners would look at all offers meaning they would take less.
i said i new it was a foreclosure and that i new the owners owed $133k.
my question is what do you think i should offer or try to structure a deal.
by the way i would like to own and live in this property and have $10k of own money to put down.
a L/O, hardmoney lender or regular loan???
any help would be helpfull
thanks all. 
If it's with a realtor it will be tough to get them to drop, especially if it truely is worth the 210k. If that is the case they are priced to sell at 183k, even with the fixup.
If you want to make an offer I would come in somewhere inbetween, say 165k, contingent on inspections, etc. If you plan on flipping just make sure there is enough padding in there to make a profit, fixup, and realtor/holding fees.
[addsig]
hi telemon
thanks for your reply to my post.
the way the realtor spoke it sounded like the home owners would go down to the low $160's.
one of the problems im having is how to approach the realtor and structure this and not have her come back with a no for an answer.
i known time is of the essence and i don't want to waste any more time either.
well i'll wait for a few more replys to my question and make my move from there.
thanks again for your help...
Did the foreclosure ad in your local newspaper have a phone number or just the address? It has to be old and outdated information. In this business one day can make a difference. I believe the property already went to Sheriffs sale and the buyer picked it up and then listed with their favorite broker. Make a offer of $10,000 to $15,000 over the $138k, then you have to think an average in 5 to 10% real estate commission. Between $155k and $160k is about right now for the house, if you really want this house. Take a look inside the house first; you may want to deduct something else off the price after you’ve been in the house. Make sure you list ever thing you see and what it will cost to fix it at a wholesale rate… Good Luck!
I think you should jump on the deal and look into it more. It could likely be a very good deal for you.
hi wallstreetequity & myfrogger
ok first, thanks for your replys.
second is for wallstreetequity, the property in question is still occupied by the foreclosured home owners.
the day i saw the ad in the paper was newyearsday and later that night i drove by the property and saw that the outside christmas lights and inside lights were on and someone was walking into the kitchen from the frontroom.
so i don't think the house was bought by a investor, but i could be wrong.
also there was no forsale sign in front of the house at this time.
this was on thursday jan/1st/04 by sunday i drove by the house again and thats when i saw the sign in front.
i called the number this past sunday and the realtor called me this monday and thats when we talked about the homeowners willing togo down in price.
she didn't say in exact doller amount how low.
i was at work when she called me on my cell phone about the property but i could only talk for a minute.
from what i could see inside from the outside the house was in nice shape minus a paint job.
the court date for the sale is the end of the month.
i'm going to try and move fast on this deal.