VA Forclosure-Help Newbie!!!
:-o Hello all. This is my first post on this board. I have set back and read a lot of post and have learned a lot but I have yet to do a deal. I came across a vacant house that turned out to be a V.A. Forclosure. It's FMV is listed at 107,000 . The loan was about 80,000.00 . The comps in the area average around 120,000.00. The property needs about 10,000.00 worth of work.. I was thinking of making an offer at or around 65,000.00. What are my chances of an offer getting accepted?
My guess is next to none. In my area at least, there are so many buyers out there looking for VA and HUD repo's, that many of them sell for more than FMV even though they need repairs. I guess the prevailing thought processes are "If it's a repo, It must be a deal". My guess is that this property will likely sell between 110K and 115K to an owner occupant.
Just a guess though,
Jeff[ Edited by jeff12002 on Date 06/16/2004 ]
the #s don't seem right either.
Why wouldn't someone have just sold the place for FMV (even a 20% discount)and make 27K rather thna letting go REO?