how low can i bid on this foreclosure?
this is the house
http://www.realtor.com/realestateandhomes-detail/3-Lakeview-Ave_Hamden_CT_06514_1110703430
it is bank owned, has been on the market about 40 days and has recently been reduced by 13k it needs a total refinish on the outside (windows, siding) including a new roof in the near future. it also needs an updated bathroom and probably a garage door and the walkways are crumbling. we really love it but can afford up to about 145k. do you think 140k would be a really unreasonable bid to start with? would you go lower or higher?
i think it was assessed at 161k probably early 2008. there was a house right around the corner in the same need of work and the asking price was 153k.
The price you should offer to pay does not depend on the current list price.
It depends on it’s current value. Look at a bunch of similar homes that are currently for sale and look at data on similar homes that have recently sold. Of course getting a good idea of repairs that need to be done and the cost of those repairs also helps you.
All of this does not preclude that another buyer may buy the property for more than it is worth to you. I almost missed out on a house that my wife really wanted because I offered a few thousand less.
Someone else made a better offer but later could not get their loan and we ended up getting the house. For a couple of weeks my wife was not to happy with me.
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