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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: How much should I bid?? Posted by GeneB on September 24, 2003 at 5:23 PM In Reply to: Re: How much should I bid?? posted by damien on September 24, 2003 at 3:48 PM : : 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!! : No, you don't need to submit proof of value when submitting bid. Without knowing any more information about the property I would say this does not sound all that good since the property was listed for more than value for the arae plus the additional damages. If you are to bid and you know that no other bids have bid taken, bid VERY VERY VERY low. All they can say is NO. : Good Luck : Damien Well the agent surmised the "as-is" value to be about $80K and a contractor gave a non-written estimate of $50k - $55k to repair. He also felt strongly that the home can be completely repaired for that amount and restore it to a "retail" value of $140k+. I thought I would initially make a bid of $40,000 with a high of around $65,000. Does that sound about right or do y'all think different?? Remember that this will be "owner occupied" NOT an investment for quick turnaround. Has anyone ever purchased a property for 50%, or less, of its FHA "as-is" value? Follow Ups: Re: How much should I bid?? SeanW 6:01 PM, 09/24/03 (1) Re: How much should I bid?? damien 11:11 PM, 09/24/03 (0) 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!! : : No, you don't need to submit proof of value when submitting bid. Without knowing any more information about the property I would say this does not sound all that good since the property was listed for more than value for the arae plus the additional damages. If you are to bid and you know that no other bids have bid taken, bid VERY VERY VERY low. All they can say is NO. : : Good Luck : : Damien : Well the agent surmised the "as-is" value to be about $80K and a contractor gave a non-written estimate of $50k - $55k to repair. He also felt strongly that the home can be completely repaired for that amount and restore it to a "retail" value of $140k+. : I thought I would initially make a bid of $40,000 with a high of around $65,000. Does that sound about right or do y'all think different?? Remember that this will be "owner occupied" NOT an investment for quick turnaround. : Has anyone ever purchased a property for 50%, or less, of its FHA "as-is" value? : 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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