In Michigan, a FreddieMac foreclosure.. Nice home, nice area..asking 108,000... under what neighborhood prices going for. What would you bid? Tons of foreclosures available in that area.
2006-10-29 01:45:28 · 6 answers · asked by RZF5QK 1 in Business & Finance ➔ Renting & Real Estate
If this is an investment property, estimate the current value and offer 60-70% of that amount. If they say no, just move on until you find one that says yes. Michigan has a lot of foreclosure properties right now, so they should be willing to deal with you.
2006-10-31 17:58:02 · answer #1 · answered by foreclosurefish.com 1 · 0⤊ 0⤋
$1
2006-10-29 01:47:22 · answer #2 · answered by Anonymous · 0⤊ 0⤋
There are a lot of factors that will go into this. Most of my clients take the "repaired" vlaue of the home, minus rehab expense, minus closing and expected carrying costs, minus resale expenses, and then figure in the amount of profit they are willing to make for the hassle and base their offer on that.
I have submitted many offers 20% and more below asking price, some hve been accepted nd some have not.
If you are going to live in the home, that can change the equasion some, most homeowners are willing to pay more than an investor because they are not looking for a certain profit margin.
Consult a local real estate agent to help provide the information that you will need. One that specializes in forclosures would be best.
Good luck!
2006-10-31 04:48:05 · answer #3 · answered by julsells 2 · 0⤊ 0⤋
It relies upon on the industry you're in. If there's a quick sale happening, the monetary company is already taking a loss, so which you won't be waiting to get them to settle for decrease than the asking cost. Have a depended on genuine belongings adviser supply you a comparative industry prognosis to verify the approximate fee of the domicile today and bid as on the edge of that as a probability. If this house is below priced and is being marketed publicly, you would be in a assorted grant challenge and could be ask to enhance your grant no rely the place you start up. If it relatively is a foreclosure via sale, the lender many times contraptions a minimum bid and you could desire to bypass up from there. there is not any magic formulation as to the place to start bidding. i propose my purchasers to do their maximum suitable so whether they do no longer win the bid, it wasn't because of the fact they did no longer present day their maximum suitable cost and words. If it relatively is a inexpensive domicile, do no longer probability nickel-and-diming your way out of a solid deal.
2016-10-20 23:07:58 · answer #4 · answered by ? 4 · 0⤊ 0⤋
I suspect that the "asking" bid is the minimum to clear the loan plus foreclosure costs. The Plaintiff/Lender will probably bid that, so if that's correct, it's pointless to bid less than 108,001.
Be SURE that you can get the financing. You probably have to put up $10,000 in certified funds just to have whatever you bid even acknowledged, and you have probably 30 days to come up with the balance, and you won't get your deposit back if your financing doesn't come through.
2006-10-29 01:54:30 · answer #5 · answered by open4one 7 · 0⤊ 0⤋
Have you calculated how much it will cost to make repairs? Put that into your equasion. With all the foreclosures in the area you should be able to make an offer a few thousand less than what they are asking that they will accept.
2006-10-29 01:56:19 · answer #6 · answered by d b 3 · 0⤊ 0⤋