Buying foreclosures, advice appreciated!

[Braedon Haertling]

I’m a new RE investor, and I have a foreclosure on my hands! Property built in 1965, 3/1, 1700 sq ft and has been vacant since July, utilities winterized, and it’s in rough shape. Realtor thinks sewer line needs replaced as houses in the neighborhood have all had issues with their sewers backing up (but a great neighborhood in general). Overall, it’s a full rehab. New flooring, kitchen, bath, roof. Walls are in decent shape and should need fresh paint.

Current list price is $85k, ARV in the neighborhood of 140k. Ideally, we'd be all in around 100k after purchase and needed repairs.

A few questions, do banks in general care about all cash offers on foreclosures? Does a cash offer make them more motivated to sell the house?

Would you offer low with no contingencies? I’m evaluating a few options. 30k cash no contingencies or 40k cash contingent on inspection. I don’t foresee more than a 50k rehab, I’m just nervous to move forward without first getting an inspection. Am I crazy to think I should consider buying without an inspection and that a bank would accept our offer this low? My rationale is that if we offer so low to error on the side of extreme caution, we *should* have the budget to handle nearly whatever is thrown our way if we have $70k to work with.

Thanks for your time

Braedon