Posted by AWWMi. on February 09, 2001 at 12:03:47:
Is there a creative way of adding in cost of repairs to
offer? Bank will make interest off the repair costs that way. Please more insight.
need help to make a deal - Posted by AWWMi.
Posted by AWWMi. on February 09, 2001 at 11:26:05:
I have a foreclosure property that is valued at $124,000 “as is”. The real estate agency has it listed at $118,900. Repairs will be $10,000 bringing the ARV to $151,000. The property has been on market for 24 days. The bank is’nt showing signs of flexibility in price yet. I put in a clean offer at $93,000 with 15 days close so I’m assuming the quick clean cash method won’t work. Whats next? Is there some way to put the $10,000 repair into the offer with an addendum for a $10,000 carryback for repairs at close? How can I get the offer into the 100’s and include cost of repair into it with a carryback, etc?
Thanks
Re: need help to make a deal - Posted by CurtNY
Posted by CurtNY on February 09, 2001 at 11:37:07:
My experience has told me not to stretch my numbers to make a deal. If all your information is accurate, the most I would pay is $93,000. If you put in an all cash offer with a quick close and they didn’t accept it then reality hasn’t set in yet. Follow up every month and resubmitt the same offer (or lower) until they accept it or sell it to someone else. They may find an owner occupant willing to pay more (they’re not looking to make a profit) but that doesn’t matter, investors can’t compete with O/O’s. Best of luck to you.
CurtNY