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Updated over 9 years ago,
How much should I offer for this foreclosure in Portland?
I want to buy SFR foreclosure in Portland with the following debts/liens, but I don't know how much to offer. What would you offer based on knowing the following?
Repaired house would be worth $500K easily and needs $100-200K work.
On the market for $315K
$10k bankruptcy carve out fee paid along with 7% in closing costs to seller (and/or any other selling fees)
$77k owed to Wells Fargo (no payments made for quite some time so there may be additional fees; payoff fee requested but we don't have it yet)
City of Portland liens that including the following:
Code Enforcement Fee: $84,360
Nuisance: $3,374
Code Enforcement: $856
Code Violation: $16,431
Code Violation: $9,729
Code Violation: $9,688
Code Violation: 18,676
The debtor is allowed a $40k homestead exemption
7% in closing costs to the seller.
Above equals roughly $295k to pay everything. House needs $100-$200K to get make it liveable/rentable.
How much would you offer and/or what should I negotiate? Trustee will accept or negotiate the offer (not the RE agent).
PS: I don't have all cash to offer. I need a 203K loan to rehab or I suppose I could do a hard money loan but have no idea how to do that (so if your advice is all cash, then how would I structure a hard money offer?)
Thank you! Eternally grateful and happy to return the favor some day!