Offer Amount And Equity As A Gift?
I am going to make my first offer on a property. They previous owner discharged in bankruptcy and owed $85k. How low can I go? Repairs are unknown because we can not inspect property. Homeowner said it was "a good house" she left because her husband died. Anyway, will a bank usually budge at all on what they were owed. It needs definite cosmetic help and probably some updating inside. And the rear patio needs replaced due to wood rot.
Also, my lender said I need to ask the bank to give me the equity in the house as a gift. What is that all about. The house is worth about $125 per a drive-by by my lenders "appraiser".
Can anyone help me?
Thanks[ Edited by kellsbells on Date 07/28/2004 ]
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