Looking at a house how much to offer?

**Murder after Midnight** · 03-04-2016, 05:40 PM

Hey guys they decided to go up on my rent. So i found a house i found i love. it's a foreclosure they are asking 75k, however the last comparable house in that area went for 144k. My question is how much do you think i should offer? How much would you offer? They put the house on the market for 10 days and they want all offers by this wednesday. I went to see that house and it is very impressive nice garage, huge yard, half acre, circle drive way and the area is very very nice.

**35th-ANV-SS** · 03-04-2016, 05:43 PM

Does the highest bidder win?

**CJREX** · 03-04-2016, 06:02 PM

Originally Posted by 35th-ANV-SS

Does the highest bidder win?

Yes, contingent on obtaining financing.

Usually pre-approval is required before you can bid.

Murder, it's hard to judge without seeing the home and the area.

If you really like the home and $75k is a great deal for it, and they will accept that amount without a bidding war, you might want to go for it.

If the $75k is a really good deal and they ARE accepting bids, expect it to go for $75k plus.

The big question is that even though it's a foreclosure, why is it half the going rate of others in the area?

**35th-ANV-SS** · 03-04-2016, 06:05 PM

That's what I thought. I'd agree with all your points.

**Murder after Midnight** · 03-04-2016, 06:08 PM

Originally Posted by CJREX

Yes, contingent on obtaining financing.

Usually pre-approval is required before you can bid.

Murder, it's hard to judge without seeing the home and the area.

If you really like the home and $75k is a great deal for it, and they will accept that amount without a bidding war, you might want to go for it.

If the $75k is a really good deal and they ARE accepting bids, expect it to go for $75k plus.

The big question is that even though it's a foreclosure, why is it half the going rate of others in the area?

Already been preapproved, so i'm good there.
They are gonna accept the highest bidder period is what i was told by the realtor.
I'm gonna post pics

**Murder after Midnight** · 03-04-2016, 06:21 PM

.........

**35th-ANV-SS** · 03-04-2016, 07:04 PM

Looks nice. I'd go for it if I were you.

**KahanaReef** · 03-05-2016, 07:37 AM

Yeah. For 75k whereabouts, that's a lot of house and property for very little money. But then again, I'm from CA. You can't buy a one bedroom condo out here for 75k

**douglowden116** · 03-05-2016, 07:53 AM

If you really want the house bid over the 75k , that's the money owed on it , you also should do a title search and make sure there isn't another mortgage on it from a different lender . Check the counties website to see what the price was the last time it was sold so you have an idea of the value . Investors will bid on these houses and a lot of times bid slightly over the balance owed . Take a good look at the property to be sure there are no issues that caused someone to walk away . If it has a well and septic check it thoroughly . You can get a great deal on these properties or get stung pretty bad . I've made some good money on these properties like this but be careful . Good luck to you .

**Murder after Midnight** · 03-05-2016, 08:34 AM

Originally Posted by douglowden116

If you really want the house bid over the 75k , that's the money owed on it , you also should do a title search and make sure there isn't another mortgage on it from a different lender . Check the counties website to see what the price was the last time it was sold so you have an idea of the value . Investors will bid on these houses and a lot of times bid slightly over the balance owed . Take a good look at the property to be sure there are no issues that caused someone to walk away . If it has a well and septic check it thoroughly . You can get a great deal on these properties or get stung pretty bad . I've made some good money on these properties like this but be careful . Good luck to you .

If everything checks out how much would you offer? The last house comparable in the area went for 144k in a regular sale.
While i was there two hours looking at the house, two other potenetial buyers came to look at it...........

**Murder after Midnight** · 03-05-2016, 09:12 AM

Originally Posted by KahanaReef

Yeah. For 75k whereabouts, that's a lot of house and property for very little money. But then again, I'm from CA. You can't buy a one bedroom condo out here for 75k

That's why i'm not in Cali.......

**35th-ANV-SS** · 03-05-2016, 09:13 AM

I think a much better question is, what are you willing to bid on it?

**35th-ANV-SS** · 03-05-2016, 09:17 AM

Originally Posted by KahanaReef

Yeah. For 75k whereabouts, that's a lot of house and property for very little money. But then again, I'm from CA. You can't buy a one bedroom condo out here for 75k

It's all relative. You can't in NYC or Chicago either. Then again, people living in these places tend to make much more than others outside the areas.

**Murder after Midnight** · 03-05-2016, 10:00 AM

Originally Posted by 35th-ANV-SS

It's all relative. You can't in NYC or Chicago either. Then again, people living in these places tend to make much more than others outside the areas.

Or DC

**Murder after Midnight** · 03-05-2016, 10:12 AM

Originally Posted by 35th-ANV-SS

I think a much better question is, what are you willing to bid on it?

I'm dead locked between three bids.

106k, 116k and 126k.........

**35th-ANV-SS** · 03-05-2016, 10:23 AM

Well, for me, I would not bid almost 70% more than what they're asking, which would be your highest number listed. I would probably go 85-90k, tops. Then again, I've never bidded on a house in a circumstance like this, so I don't know where bids normally fall. There were 3 bids on my current house when I made an offer. I ended up winning going in at asking price, but mine wasn't a foreclosure.

And yes, DC, and probably 1000's of other cities. 75k isn't much money these days when it comes to real estate, generally speaking.

**Murder after Midnight** · 03-05-2016, 10:51 AM

Originally Posted by 35th-ANV-SS

Well, for me, I would not bid almost 70% more than what they're asking, which would be your highest number listed. I would probably go 85-90k, tops. Then again, I've never bidded on a house in a circumstance like this, so I don't know where bids normally fall. There were 3 bids on my current house when I made an offer. I ended up winning going in at asking price, but mine wasn't a foreclosure.

And yes, DC, and probably 1000's of other cities. 75k isn't much money these days when it comes to real estate, generally speaking.

Great point.........I think i'm gonna bid 106k and let the chips fall where they may......

**CJREX** · 03-05-2016, 05:50 PM

Good Luck

**Murder after Midnight** · 03-05-2016, 07:53 PM

Originally Posted by CJREX

Good Luck

Thanks man

**Blakbird24** · 03-07-2016, 09:29 AM

Just to prepare you...I tried this, though it was over 5 years ago. I bid on a foreclosure and beat out FIVE other bids. I was told that the house was mine, and that the paperwork just had to be processed by the bank (the bank that owned the house). FOUR MONTHS later I got a call saying "the bank has accepted a competing cash offer and will be refunding your deposit". No further explanation was given. This January I inquired about a really really nice foreclosure in the fancy neighborhood just down the street from where I currently live...the house has been listed for over a year and is listed at about half of what it should appraise for. The agent told me there have been three offers so far. I said no thanks. Next week im putting an offer on another (regular sale) house in that same neighborhood. I'm paying alot more but i'm happier this way.

Stay grounded and don't get too excited. It's a really long and shitty process.