What to offer for a foreclosed home?

Question

My fiance' and I are intersted in purchasing a foreclosed home that was originally priced at $18,900. Recently, the price dropped to $14,900. It has only been on the market for 2 weeks, but there is already another offer on the house. We were approved for $30,000. What should our offer be? This house has a lot of potential, but I'm not certain it's worth our entire pre-approval amount.

2008-04-07T08:16:37Z

The other offer was made with cold, hard cash. If some rich handyman made the offer, we can't compete with that. I want to make the highest offer possible to ensure we get it.

? · Accepted Answer

If you really want the house, offer the 14,900. Chances are the other offer is not a full price offer. If you're worried that it is, go up to the 18.9.

Whatever You Say!! · Answer

If you really want this house I'd offer full bid, $14,900.  Sometimes, to ensure I get a foreclosure that I really want, I go over the bid just a little.  Like 15,200  or 15,400.

I flip houses for a living, so I bid on foreclosures all the time.  Good luck.

glenn · Answer

Find out what it is worth.

The list price may or may not reflect that true value.

hire a buyer's agent that will be paid out of a commission that the seller pays.  Ask your agent how much other places like that are selling for.

What to offer for a foreclosed home?

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