From the description the property appears to be in good shape now, if it is a private seller you may just be getting that great of a day, if the property has been marketed on the MLS then the value may not be increased as much as indicated.

These folks are typically a good indicator as to what it will be like to work with that person.

If space allows, the additional cost would likely be well worth it in terms of return on your investment.At least where I live, anything with fewer than 2 full baths won't sell very easily -- if at all.

You indicated "move-in" condition, but I don't know the life of the hvac, roof, etc.I'm fine with a property that will pay off in ten yrs with only a 10% down.

That said, others are certianly capable of doing what I have done.On the whole, there are fewer REO's coming out this year vs. last year or year or 2010.

To me, it indicates that the seller is waiting like a vulture on the only tree limb in the neighborhood wrenching his hands for the opportunity to take the property back.Did you ever think that a note holder could simply throw a check in the trash and never deposit a check, just declare default after thirty days and foreclose?

All these national indices and median values and garbage are about as useful as a national average temperature.

I typed up a cover letter explaining the reason for bid, I indicated that we had visited the property and that we would reside there.

Carpet "remnants" are often big enough to do some small bedrooms too, if you can find a couple that match.We probably spend more time tracking down materials than most flippers, but its a lot easier to save the money and have to flip fewer homes to survive.

By getting an elevation certificate from a surveyor, you'll get the actual elevation of various point around your property and structure, and can accurately determine if the property is in high-risk FZ or not.If FEMA lists your property in a high-risk FZ and the elevation cert indicates you're not, you can request a map revision from FEMA that will remove your property from the FZ, and thereby eliminate the requirement for flood insurance.And, as Bill mentioned, it can work the other way too -- you may not be listed in a high-risk FZ, but you may actually be.Also, note that flood insurance comes directly from FEMA, not through insurance companies (though insurance agents can broker the transaction).