Rockford Foreclosures
How much should I offer on this Foreclosure/Bank Owned Home?
The house was built in 2000, was sold in 2002 for $144k and is now listed at $132k. The bank took ownership of the home in October of 2007 so they have been holding onto for a long time. It is owned by Wells Fargo. Comps in the area are ranging from $130-$160. What should I offer and what should I expect to pay for the home? It is located in Rockford Michigan which is north of Grand Rapids.
You need to offer somewhere around fair market value, and you can only determine that by engaging a qualified buyer representative real estate agent, who can provide you with written evidence of recent comparable sales values.
You need to understand that the bank ALSO knows these values, since the listing agent has provided the bank with same. If the bank is led to believe that it is worth more than your offer, your offer will be declined. Get the necessary information and move forward accordingly.
ROCKFORD Foreclosures, HUD Owned Home for Sale – 5668 HEIDI DR, 61109
