How much would you offer for a bank owned real estate property?2 bed , 2 bath located in Long Beach, CA, bank owned property , will be in the market for only 3 days, listed price is 173K! Around that neighborhood is 240K! I don't want to loose this apportunity,I liked the condo very much.How much should I offer? 190-200K? How much down should I put? I can put 10-20%.... |
From my experience with Bank owned property you should offer a number in between the listed price and your max amount. This should give you the advantage over other offers from prospect buyers as they will tend to offer full listed price or below. If you really like the condo and you don't want to let it slip away, this is what I would do.
As for your down payment vs loan amount, it is always best to put more money down, 20% would save you money in the long run and from any mortgage insurance requirements.
Good luck! I wish someone would have told me to offer more than the listed price when we put in our offer, then we might have gotten that property. =)
