All Forum Posts by: Scott Brown

Hi all, looking at an REO foreclosure that is at auction. The auction states the list price is 86k, starting bid is 62k. For additional background, the property has been auctioned and re-auctioned for months with no sale. The highest I've seen bids in the past reach is 67k. Currently there is no other competition on this property for reasons that aren't relevant to my question.

I *THINK* I read before that banks may accept up to 20% off list price(but probably not more)...

Does that sound right to anyone with experience in this area?

I’m trying not to overbid but still win the property (obviously).

@Michael Wallace

I second following Nick Huber on Twitter, I think he you reconsider your plans to build new and purchase existing instead

View report

I know you're not supposed to do a full gut for your first deal, but here we are. Curious for some feedback before I leap... 

The property is a 6/2 duplex - exterior is gold, interior is a full gut rehab hoarder mess.

A penny for your thoughts?

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