All Forum Posts by: Dave Mosher

good question @cody evans. If I had to guess I think it may still be worth doing provided that the bank will make a counter offer rather than just saying NO. but i definitely see your point about finding a motivated seller who may be willing to negotiate terms more than a bank would. i may also have to get off the MLS and try to find some off market deals to find a decent purchase.

thank you everyone, the information everyone is willing to share and the collective knowledge on this site is amazing.  I am obviously new, but I really appreciate the feedback and willingness to help me!

interesting, i think it was a VA loan that foreclosed on the home if that makes a difference. thanks again

I guess it is good to know they would at least counter offer.  I will check what it foreclosed for too.  where would i find that information?

That is true, I guess I should be more focused on getting the property rather than trying to get the rock bottom price.  Since there should be some hefty equity in this home once I redo it, that should be my focus.  Thank you for your suggestions.

I have been noticing a few bank owned foreclosures in my area that have caught my eye.  In your opinions, how negotiable is the listing price and how willing are banks to accept a lowball offer?  I am looking at one that went under deposit in August, came back on the market in late October (I am thinking financing fell through), and now I am looking at it.  It has a huge hole in the chimney that would need to be repaired but overall the rest is just cosmetic stuff.  The chimney hole is in the attic.  I hear about these incredible deals on foreclosure properties but wonder if I should make my offer for 5% below asking, 20% or 40% below.  Also, on a side note if anyone could estimate how much a new chimney costs that would be great.  Thanks,

thank you Paul and Megan, I am considering a few options but waiting on a fee people.to get back to me.  thanks again

Please understand i am in no way trying to make money or get rich off this woman.  I am trying to find a way, on my first investment house purchase, to make it work so she can live in her house.  While I was there I told her that if she needed help going to church on Sundays I would even drive her.  This is about helping an old woman, not profiting from her demise.

thank you sveryine, I am going to explore some of these options and see what I can come up with.  I will update this post if I can work something out to let you know.  thank you again, I really appreciate it

Could I help her by getting her qualified for Section 8?  Or would the property have to be too perfect (which I cant do while she is in there) for it to qualify?