foreclosure / offer question

we are back to househunting after closing falling through on the other house. We saw a few we liked and a few we didn't. But we definitely learned a lot about the process. There is a forclosure we might be interested in putting an offer in. There is already one offer. The house is listed at 299K but comps go for 390K. What would you offer? I would definitely be comfortable with asking.

Re: foreclosure / offer question

foreclosures are going for asking or over asking right now

I know people who are buying them in a certain area and they pay over asking for all

I would offer $305k

Re: foreclosure / offer question

one more important question to ask- is this house mortgagable?

if not you need to do a 203K

are you using an agent? they should be someone that has knowledge and has sold foreclosures before- not all agents are created equal

I have done many 203ks and I would say 80% of agents on LI don't understand them

I have a great loan officer who does them- that makes a huge difference as well

Re: foreclosure / offer question

Thanks! We offered 305K. no mortgage or lease for us to get out of, and good income, and we want to close ASAP. We are sending our prequalification paperwork today to see if we can swipe in with our offer. The agent says we have a good chance so I'm hopeful but not putting my eggs in the basket... ok just a few because I love the house.

Message edited 3/22/2011 7:05:21 AM.