How much should I pay?

[Scott Carder]

Looking at putting in an offer on a foreclosure in my area. Homes in this stable neighborhood are all less than 10 years old. Comps put this house at a value after repairs of 115k. It just came on the market, with the note being held by one of the big national banks, they are asking 105k. The home only needs 5k in repairs, and based on comps would rent for 1050.00 per month. Based on 70% rule it would be 80,500.00 minus repairs of 5k for an offer of 75,500.00. Is the bank going to just laugh at this as a lowball offer? It would be an all cash deal too, not sure if that would help. This would be my first investment property so let hear what you experts have to say. Thanks in advance.