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what should i offer ?? foreclosure aking $104,900

i am looking at a house that is a foreclosure, the house is beautiful but the only thing is its missing the kitchen cabients and counters.
the asking price is $104,900 (built in 1973   2150 sq ft    4 bed  2.5 baths newer roof/windows on .9 acres) what should i start at for an offer? any suggetions would be appreciated!
  • April 25 2009 - South Lyon
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Answers (3)

There are numerous variables that have to be considered:
How long has the property been advertised at that price?
How much did it go back to the bank for?
What are similar homes in the area selling for?
What are the terms of your offer - cash offers are preferred by banks.
What would the house sell for (if you are flipping it) after you put $20k into the kitchen?

Banks do receive Brokers Price Opinions and appraisals on the properties they own. They try to maximize their returns, but they don't want to hold a property. You can always make a low offer that might be countered or rejected. There is always a chance that there is another buyer offering the asking price.
  • July 07 2009
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our current experience is that foreclosures are selling more than asking price, sometimes by 15-20%. a really smart person would think......what would you pay for the dirt? if this level of analysis is not automatic from your agent.....fire them!
  • July 07 2009
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Only someone familiar with the local market could tell you if the home as been priced appropriately (meaning the asking price reflects the missing kitchen cabinets) or whether they are starting too high, compared to similar homes in the area.

I've seen homes that are grossly overpriced due to condition and other homes that ended up selling for slightly over asking price even with cosmetic issues. It all depends on the local market.
  • April 25 2009
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