The asking price is $325,000 and the house needs a lot of work. They will not make an concessions on inspection items. What would a reasonable offer be in the Denver area?
2006-07-11 09:25:51 · 4 answers · asked by highlandsranch 1 in Business & Finance ➔ Renting & Real Estate
We made an offer of 310,000 and the bank countered at $324,000. Not a lot of negotiating going on there.
2006-07-11 10:14:47 · update #1
Always, start low. I would recommend $265,000 and start there. I just got a customer a home for $20,000 less them asking by a bank, it was only a $125,000 house. Call me if you need help 1-877-205-2747. I am a mortgage broker.
2006-07-11 09:28:22 · answer #1 · answered by eric k 3 · 0⤊ 0⤋
Banks usually negotiate the final selling price on properties they own. If possible, I would try and search public records on the property and find out how much the property was foreclosed over (assuming it was a foreclosure).
Then I'd make an offer that is 1-3% over that as a starting point in negotiations.
If the property is in severe disrepair, I would also have it appraised and inspected, the appraiser will be able to give you numbers on what it would cost to fix in comparison to it's current value.
2006-07-11 17:22:51 · answer #2 · answered by ReggieWjr1 4 · 0⤊ 0⤋
Do you have a realtor? They should be able to tell you the value of the home. When you buy banked owned repos you should get it for atleast $20-50k less than true value, if the repairs have not been already done.
2006-07-11 16:36:01 · answer #3 · answered by Michelle 2 · 0⤊ 0⤋
I recommend you find out how much the work would be to bring the house up to specs, then deduct that amount from the asking price, deduct the closing costs, and initial fees for attorney and insurance. Then go from there.
2006-07-11 16:31:30 · answer #4 · answered by M J 2 · 1⤊ 0⤋