InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Foreclosure Codes 50 State Resource Data Foreclosure Glossary Foreclosure Statistics 60+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: How much should I bid?? Posted by alan on September 24, 2003 at 12:34 AM In Reply to: How much should I bid?? posted by Gene B. on September 24, 2003 at 11:39 AM : I'm interested in a home that HUD has listed on their site. The property was listed in May of this year and was valued "As-Is" at $130,000, which I and the agent feel is high for this home in the shape it's in. The property has since been reduced to $105,000 due to severe water damage and mold. Additionally, the home was built in the 60's, LBP and is categorized U/I. : My real estate agent is as inexperienced with foreclosures as I am so we're wandering what strategy should we follow and where to start the bidding. For instance, if we offer a low amount, do we need to present our own appraisal or documentation to justify our bid? : Facts: : Major damage due to water infiltration. : This will be an "owner occupied" purchase. : Winter here starts in mid November (Water pipes are not drained and snow can cause additional damage due to roof) : No one else has ever bid on the property. : Replies are appreciated!! Gene, The mold issues is something you may want to look at now as well. Future insu-ability and future sales issues could get bogged down by this. Also, a question I would have for you would be..... Since you seem very knowledgable about the property, have you gone out and gotten any reapir estimates? If one certain type of reapir, say mold, needs to be treated like asbestos, that could instantly become a huge money pit and make you frustrated and your investment worth less. Also a problem like this may also give you some more negotiation room Just my 2 cents, good luck Alan Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : I'm interested in a home that HUD has listed on their site. The property was listed in May of this year and was valued "As-Is" at $130,000, which I and the agent feel is high for this home in the shape it's in. The property has since been reduced to $105,000 due to severe water damage and mold. Additionally, the home was built in the 60's, LBP and is categorized U/I. : : My real estate agent is as inexperienced with foreclosures as I am so we're wandering what strategy should we follow and where to start the bidding. For instance, if we offer a low amount, do we need to present our own appraisal or documentation to justify our bid? : : Facts: : : Major damage due to water infiltration. : : This will be an "owner occupied" purchase. : : Winter here starts in mid November (Water pipes are not drained and snow can cause additional damage due to roof) : : No one else has ever bid on the property. : : Replies are appreciated!! : : Gene, : The mold issues is something you may want to look at now as well. Future insu-ability and future sales issues could get bogged down by this. Also, a question I would have for you would be..... Since you seem very knowledgable about the property, have you gone out and gotten any reapir estimates? If one certain type of reapir, say mold, needs to be treated like asbestos, that could instantly become a huge money pit and make you frustrated and your investment worth less. Also a problem like this may also give you some more negotiation room : Just my 2 cents, good luck : Alan Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-2003, InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455