How much to bid on distressed bank property?

Morbid.Angel

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gaius c

The old rule of thumb is that if you're not embarrassed by your first offer, you've offered too much.
If the house is extremely unattractive to other buyers, you may well be the only offer and eventually the bank will have to deal with you.

The problem with bank sales isn't so much the money that it takes to seal the deal but rather the time taken. Even if they do accept your offer, it could take absolutely ages to get a deal done.
Do be aware that bank-sold properties tend to have a "minimum marketing time" so even if you offered double the asking to get a quick sale, the property would sit on the market until the end of that time as per the bank's instructions. That means there is absolutely no incentive to you in making a quick offer. Take you time with this and be warned that the bank will take even longer!

Hillybilly4

Last year we offered 50% of the asking price on a repo - and our offer was accepted by the bank. Took 8 months for the purchase to be completed mind!

handlemaster

Hillybilly4 wrote: »

Last year we offered 50% of the asking price on a repo - and our offer was accepted by the bank. Took 8 months for the purchase to be completed mind!

How long did it take the bank to except your offer ?

Atlantic Dawn

What price are similar non fixer up houses in that same area going for?

Hillybilly4

handlemaster wrote: »

How long did it take the bank to except your offer ?

It took them a month to accept our offer.

Morbid.Angel

This post has been deleted.