Posted by Nate(DC) on July 20, 2009 at 23:28:57:
Here’s my tip: don’t just blindly offer 10% of the 2006 price. You could be too high - or possibly so low that you will not get the deal.
If the city will actually give you a list, cost out the work on the list, figure out what your resale value is, and add in your profit and holding costs, to make a more informed, quality offer that you can justify.
REO unfinished subdivision - Posted by Sara_CA
Posted by Sara_CA on July 17, 2009 at 21:56:29:
I am interested in buying a REO unfinished subdivision. The city will give me a list of unfinished work that needs to be done before they will sign off on the project. I would appreciate if the pros here can give me a few tips on how to evaluate such a property? The bank wants all cash. I will offer 10% of what the price was in 2006 Cash.
Any thoughts, experiences, rule of thumb, etc., is much appreciated.