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How much should I offer for this foreclosed home?

I am looking at a foreclosed home that has been on the market for a year and a half. The listed price is $29,000. What should I offer?

  • Its a 848sq. ft. home. Over 50 years old. Whats too much or too little to offer? Please help!! Thanks.

  • Answer:

    As others have said, not enough information. These are things you should consider: How nice is the neighborhood? If it's a bad neighborhood that is getting worse, you're house value will only go down. What kind of condition is the house in? Are you going to have to dump a bunch of money into only to have it still undervalued. How high are the taxes compared to other areas. I live in a suburban like area, my taxes are average, but I was looking at a house in the middle of no where and the taxes were extremely high because of this large park along the river which your taxes help pay to upkeep when you live there. Was $2000 extra in taxes worth the park near by? Not to me.

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it all depends on what is wrong with it that needs repaired. that's quite old. what upgrades have been completed and what remains. then there is the main ...LOCATION<LOCATION<LOCATION., you do not want the worst house on the block. get down to the county real estate tax office and do the comparatives on the other houses in the neighborhood and see how this one stacks up.

Tricia

This varies so wildly depending on where it is and its condition and lots of other stuff. It may have no value at all or it could be worth way more than $29,000. Sorry but without more info its impossible to tell. As to what to offer, just offer the lesser of what you think they might take and what its worth (hey if you think its worth 10 thousand, then offer 10 thousand - nothing wrong with offering even less but at some point its just a waste of time as no chance they'll say yes).

BullRooster

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