Offer on a foreclosure in Austin

This week I made an offer on a foreclosed property this week.  It was listed for 69K but I only wanted to offer 45 to 50K.  Why such a low offer on an already reduced priced house?    The house originally had a loan on it for over 133K and I only wanted to offer 45 to 50K b/c of the foundation issues that will require a foundation repair and will forever impair the salability of the house.   In addition the plumbing will most likely require some repair if not today sometime in the near future b/c of the foundation work that is needed.    Can this house be financed today?    AS is?   NO WAY that is why it is not work the 69K that the bank is asking.   This house will require cash and cash always requires a discount to the list price or asking price or the true value of the house.   AS they say CASH is KING! or as I like to say Ron’s rule # 3,458,921 to making your self a better real estate investor:   ”

“Remember the golden rule:  HE who has the GOLD (in this case CASH) makes the rules.”

Here is a like to some info on the house from my website and the MLS:   Customer Full – Residential

There were a few other offers on the house so we will see what happens with this offer.

If you would like to know more about how, why, when, where, and how to make great real estate investmtents please email me and lets discuss your overall plan and how real estate fits into it and what types of things would work best for your investment style. 512-782-8982 in my office number.

3 thoughts on “Offer on a foreclosure in Austin”

    1. yeah but it seems that a cracked foundation always seems to disqualify even the strongest buyers from getting a loan approved. I wonder how that works…. great credit , great income, great down payment, but the property is broken. NO loan please try again at the loan lottery. 🙂

  1. I also hear that not having flooring in one room will cause the inability to get a loan. Repairs can sometimes be worked into closing so that a loan can be had but in general I agree it is pretty tough to get loans today. I was looking at one without an outside AC unit, I was told if less than 2-3% of the property cost I could get it worked into closing.

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