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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] making offers to the bank post foreclosure auction Posted by Amy Francis on April 08, 2003 at 9:20 AM Ward, The house I have been tracking has just sold at auction for $500.00. The title isn't clear or I would have bid. The person representing the bank said she was instructed to go as high as the FULL AMOUNT of the judgment 15k of which is back taxes. The original mortgage was for 85K and all the rest is charges, late fees and expenses. I'm having a hard time valuating the property, I know a similar house in great shape sold for as high as 115k last year (during the boom in upstate ny). The house needs a lot of work but mostly cosmetic. It needs a roof and gutter system w/ flashing, a new porch roof and ceiling and the floor of the porch needs reinforcement. Walls and ceilings need replastering where water damage was. 3rd floor plumbing in need of repair, exterior paint job needed. A window has been open on 3rd floor all winter (one of the worst winters we've ever had) Anyway, I was wondering what I should offer for this house. I want it as a primary residence. Also can I make that offer contingent upon clear title, mold inspection and pest inspection and leave the structural off? My goal is to obtain the house, fix it up and live in it. What is your advice? Also, do you have an example of an offer letter? Thanks so much, I'd like to fax the offer in today if possible so any advice from anyone is most welcome (...asap!!!) Thanks again, Amy Follow Ups: It's a REO now. SeanW 4:17 PM, 04/08/03 (1) Re: It's a REO now. Amy 6:04 PM, 04/08/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Ward, : The house I have been tracking has just sold at auction for $500.00. The title isn't clear or I would have bid. The person representing the bank said she was instructed to go as high as the FULL AMOUNT of the judgment 15k of which is back taxes. : The original mortgage was for 85K and all the rest is charges, late fees and expenses. : I'm having a hard time valuating the property, I know a similar house in great shape sold for as high as 115k last year (during the boom in upstate ny). : The house needs a lot of work but mostly cosmetic. It needs a roof and gutter system w/ flashing, a new porch roof and ceiling and the floor of the porch needs reinforcement. Walls and ceilings need replastering where water damage was. 3rd floor plumbing in need of repair, exterior paint job needed. A window has been open on 3rd floor all winter (one of the worst winters we've ever had) : Anyway, I was wondering what I should offer for this house. I want it as a primary residence. Also can I make that offer contingent upon clear title, mold inspection and pest inspection and leave the structural off? : My goal is to obtain the house, fix it up and live in it. : What is your advice? Also, do you have an example of an offer letter? : Thanks so much, I'd like to fax the offer in today if possible so any advice from anyone is most welcome (...asap!!!) : Thanks again, : Amy 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

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