S.S with credit union?

[Maryann L.]

We asked the Realtor what the auction price on the property (or firesale price) would be. He said $275,000. We came in at $175, because from the point the realtor gave us firesale price and now, snow fell and the property is not winterized without utilities on. Plus we obviously want to make a profit. Homeowner owes $388,000 and the credit union said they wouldn't take less than $375,000????????

I don't have comps to support $175,000 only some pictures of the run down property and with a lot of the work that needs to be done, and of course the info on the pipes.

Is this a lost cause?

[Justin S.]

1. Estimate fair market value
2. Estimate repairs
3. Identify your profit.

Base your asking price off that. You should not care what the Realtor "thinks" the property will sell for at auction. You only care about your profit. The bank is going to decide the opening bid price. If the deal does not meet your investor guidelines then move on.