Highest & best offer

[Brigitte Kay]

I put an offer in on a bank owned property listed at about 300,000. It’s a small home with 2 beds 1 bath. Definitely needs some fixing up. Decently scratched hardwood, AC that’s not up and running, cracked tile in bathroom, Wayne’s coating probably hiding some kind of water damage in drywall in bathroom. That kinda stuff. It’s in a very nice area of NJ where some of the homes around it are in the 400,000’s (although they are much larger. Think 3-4 beds 2 bath). I put in an offer 250,000, 20% down, and have “excellent” credit. There are of course multiple offers and we will have to put in our best.

Any advice? I have a realtor who knows the area well but does anyone have any advice from dealing with REO or bank owned properties. Professional or personal? Thank you!