Hit a wall with financing methods, advice?

[Kyle Kreider]

I'm looking to purchase a foreclosed home with needs for repairs less than 5,000.. have not had an inspector overview the home so just from what I've seen.. Really interested in getting advice which route should I take this? Hard money, Rehab, Refinance... or 203k? Any input on either method?

Little about the house its priced right now for 135k but has been on the market for almost six months, my agent suggest we start at 120k and see how the bank will take it. Neighborhood has similar comps 145-155k.. 125k is about the most I would like to purchase the home for. Home has holes from vandalism in every room, some appear to be from a hammer and some are very large. The backdoor would need to be replaced and a little rotten wood at the bottom of the door frame. Anyway nothing major from what i know without an inspector also the house is just about 10 years old... Any advice or stories of creative financing would be appreciated thank you all!

[Eric Bowlin]

@Kyle Kreider honestly don't be nervous.

You don't owe any of those people anything. Who cares if you offend the seller with a low offer. You can find 20 other deals somewhere else. Plus, it's a bank. They generally use a computer to determine the lowest price they will accept.

Remember, asking price is NOT in any way connected with market value. The best thing you can do is put in an offer for the price you think it's worth.

Quick story.

A house was on the market for $100k, I offered $55.

The bank refused and accepted another offer. That deal fell through.

Back on the market for $85k. I offered $55k again. They took a different offer. Fell through again.

Back on the market again. I offered $55k again. They countered me at $60k which I accepted.

I make about $12k/year profit from it now.

Stick to what you think it's worth. If someone else wants to pay more, let them.