Foreclosures

[Joshua Frost]

Hello everyone,

My question is can you really get foreclosure properties using the 70% rule? It seems this would be an extremely low ball offer. Specifically REO properties that have been on the market a long time. Do banks really entertain these offers? For example, I have a 3/2 2-story 1800 sq ft property I'm looking at and Zillow has it's foreclosure estimate at 175k, so at 70% that's 122,500 minus my expected rehab costs of 40k and I'm down to an 82k offer. Am I doing this right? Do banks really entertain this?

Thanks for any assistance.  I'm in the central FL area for those who are familiar with this market.