Offer on a repo'd home??

[marshman]

Trying to gauge the green screens opinion on a house we looked at and may put an offer in on. It was a foreclosure and and is owned by a credit union. My sister is the head mortgage officer for a different credit union and she told me her credit union has in the past accepted low offers just to get rid of a house they have foreclosed on. They dont like hanging onto property. The house we looked at needs some repair but it is liveable as the repairs are being made. It does need a stove and fridge. its a 3 bedroom, 2 bath brick home with a 2 car garage and a decent size lot. The credit union is asking $109,000 which is way more than what I want to pay. What do yall think would be a reasonable offer? So far we are only the 2nd couple to look at it. I would like to offer about 75-80k. would that be unreasonable?

[Corn Sack]

What's the worst thing they could say?

[MDC]

I would start low unless there is another offer on the place. What is the Square footage of the house?

[flatlander]

A low ball offer that wold offend a home owner won't offend the credit union. They aren't emotionally attached and are just trying to get rid of it. So within reason you can't go to low. Send your offer with a letter showing you are APPROVED to buy a house and not prequallified, make the earnest money money amount significant, and if you want them to take it very serious make you offer contingent only on the inspection on major items like frame, termites and foundation.

[marshman]

square footage is 2200

[DKirk]

If it's not an auction I would out an offer in for what you want to pay worst they can say is no.now if it was an open auction you have to figure out what your willing to pay and if a few grand would be worth you missing out on the house.

[Geezy Rider]

I bought a foreclosure.
The original owner tried to sell at 250,000 but when they couldn't sell, it went in to foreclosure. When the mortgage company put it on the market they had it listed at 225,000, then 200,000 and by the time I came along it was down to 180,000.

I offered 120,000. My realtor said that they wouldn't respond to an offer that low but I said go for it anyways as I didn't have anything to lose.
The mortgage company countered the next day. That was in October of "08". We spent the next two months negotiating on the price and in December of "08" we settled at the price of 145,000. Closed on the house Dec 31, 08.

It's a 3 bed, 3 bath, 1890 sf, 2 car attached garage on five acres, fenced and a five stall horse barn with cement floors, wash rack, tack room and feed room.

Not a bad deal. They can be gotten but you have to know what it is you want and be willing to stick to your guns.

[kyle]

Like said the worst they can say is no, and then you just up your offer if willing. 2 yrs ago I bought a foreclosure it had been bank owned for a year but on the market for 4 months. 4 bed 2.5 and needed alittle work but livable. We offered 100k below asking and 2 months later settled at 70k below. We offered more at one point they turned it down then afew weeks later settled where we did, during going back and forth we made the same offer several times. They would usually get back same day on offers so we would put in offers every day.

[super_dave]

Offer on a repo'd home??

My house was a foreclosure. The bank was asking 130 and I low balled them at 100. They came back with 120. Usually that's all they'll play, but I needed 115 or less to swing the note. I countered at 115 and it was a deal. With 12.5 down I moved in with almost 30k in equity. That's huge to me.

If you go at 80, be prepared for a 100 counter.

Another thing that was big is that everything was redone. Paint, a/c, and appliances were all new.

[Mudslinger]

I bought one that was foreclosed on the day we put up earnest money and signed the contract. It took a month to settle everything but we ended up getting the home for 10 grand less than what the pay off was. Start low.

[Keith]

How is the best way to find a foreclosure?

[ArcheryAddict]

You can always go up, but you cant go down.

[Texastaxi]

A guy I work with told me that he bought TWO $400k homes, at a tax sale, for $130k each.

[Geezy Rider]

How is the best way to find a foreclosure?

I used a realtor that specialized in foreclosures. I just did a Internet search for foreclosed homes in my area and when I saw one that I was interested in, this realtor contacted me. I've since used her for numerous transactions.

[Tmag]

My daughter and SIL bought a 3BR, 2 bath, with 2 car garage on 1 acre repo for 115K. They tried a lower bid around 90K but another couple was bidding against them and 115 finally got it.