Profile picture for user5718586

i want to buya preforclosure home. its going for 297000. it needs some work what should i offer.

  • November 17 2012 - Saint Louis
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Answers (4)

Depends on market conditions.  We have a lack of inventory in the Greater St. Louis area.  Just got an accepted offer on a foreclosure - also needing work.  We had to bid 30,000 over list price to win the bid - there were four other offers in play.

A good buyer's agent will know the market, neighborhood and can give you the direction on what it will take to be the winning bid. -- At the very least it gives you time for due-dilegence and getting bids to see if you want to move forward to closing.

Good luck!
  • August 10 2013
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Profile picture for Ofe Polack
I suggest that you discuss this situation with your buyer agent, who could do a CMA for you and also suggest a handyman who can give you an estimate of the work required.  Oftentimes the price takes into consideration the work needed, other times it does not.  Good luck!
  • November 27 2012
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Profile picture for Honesty Sells
Find out what the property needs to bring it up to comparable properties in the neighborhood then offer 10-15% below what you're being told is market value.

Good Luck
  • November 18 2012
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How much will the repairs cost and what will the house be worth when the repairs are complete? You may want your realtor to pull some comparables (Comps) for you. If you want the house, you should offer the current fair market value for the house in its current state of repair. When your agent submits your offer, he/she can explain your offer price is based on needed repairs.

Chances are the lender and listing agent know what the house is worth now and what it will be worth when complete.

Good luck.
  • November 17 2012
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