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Updated over 9 years ago on . Most recent reply
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Making an offer on a foreclosed property
Hello BP family I am in the process of making an offer on a Chicago SF home 3 beds 3 bath. It is listed at 140k and in need of approximately 15K work. The properties in the area are within the 190 to 240k range.
My question to those who may know. What is considered a low ball offer and what would be considered a good offer. My take is I use the valuation of 220k after repair value and offer .50 cents on the dollar which will equate to 110k. Is that off base.
Most Popular Reply
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At 7 houses, 6 rentals I would like to consider myself very succesful. That being said we have never met any of the rules on here and still been very successful!!
The key for us was to work without our margins and rules. Our houses are less than 1% but have still done amazing over the years. I even worked up one of our houses in a case study to show that. The key is to figure our what your strategy and style is and just to go!
Good luck!!