Foreclosure and mold

[Keri Browne]

Hello,

I found a foreclosure listed for 160k. After seeing it, there was extensive mold and about 2 .of stagnant water sitting in the basement. I have had a mold remediation team come out and give me an estimate to remove mold and sitting water. Total cost for repairs would be $20k + 10k for upstairs generic repairs such as cabinets etc.

A house 2 blocks away (same neighborhood) with same floor plan sold for $265k in May 2014.

My questions are:

1) what do you all think would be a good offer price? I have an offer price in mind but I would like to know your ideas.

2) I am interested in a renovation loan and already prequalified, but I do not have enough money for closing costs, however, I do have enough for a 30k down payment. How would you negotiate the closing costs?

3) If the closing costs could not be negotiated, how else can I get the money for closing?

FYI: The 30k down payment is ALL the money I have saved up. So I would like to keep the down payment closer to 20k

Looking forward to your thoughts. :)