Updated almost 10 years ago on . Most recent reply
Making Offer Tomorrow - Need advise urgently!
Hi there,
Newbie here. I am not an investor, I am looking to buy a REO property as owner occupied. This property is listed for 300K. I showed it to a contractor, there is roughly 100K required in repairs. Once repaired, it's value will be around 400K based on similar properties being sold in the area.
I am directly working with listing agent and will be meeting him tomorrow to discuss offer details. I am totally new at this and need some guidance from pro's:
1. How much should I make first offer for? Shall I start with 225K and go up from there?
2. What questions shall I ask listing agent? Please provide some sample questions.
3. I am asked to submit a $1000 good faith deposit. Will I get that money back if my offer is not accepted?
4. The property is listed 14 days ago. Shall I wait for a couple of days or give the offer tomorrow?
5. If my offer is rejected, can I submit again with higher amount, or do I have to wait until they relist again in case it doesn't get sold.
6. How can I get the best deal on this property?
Any help, suggestion, tip is greatly appreciated. Thanks.
Kaus