Offer in on foreclosed home

[Uppsala9496]

It's been a week now since I put in a rather low offer on a foreclosed home and still not a word from the bank. It's listing at $355,000 and I put an offer in at $225,000 (original listing in November had it at $445,000). The place is a total gut job and will require every bit of $100,000 to make it liveable.
The roof is missing shingles; upstairs bedrooms all have significant water damage as a result (caved in ceilings, destroyed carpets, damaged walls). All of the upper windows need replacing. I am sure there is mold. It's pretty much a disaster. I would remove every single piece of drywall in the place and pretty much start from scratch including all new floors.

Upside is that homes in this area are going for $435,000+. Taxes are insane at around a 7.5 tax rate. I am not getting my hopes up, but it sure would be nice if the bank accepted the offer.

Well, back to daydreaming about what to do with 3,000 sq.ft. of house.
And when this gets rejected, I'll patiently be waiting until September to start looking since that is when my wife is eligible to apply for a mortgage.

 

[krose]

What in the hell happened to such an expensive home that it needs gutted? Just curious.

 

[iamwiz82]

What in the hell happened to such an expensive home that it needs gutted? Just curious.

Being uninhabited for even a year is not good for a home.

 

[NutBucket]

LOL @ 450k being expensive. It's all about perspective!

And can't it take months for the bank to respond to your offer? Or am I confusing foreclosures and short sales?

 

[Greenman]

It's been a week now since I put in a rather low offer on a foreclosed home and still not a word from the bank. It's listing at $355,000 and I put an offer in at $225,000 (original listing in November had it at $445,000). The place is a total gut job and will require every bit of $100,000 to make it liveable.
The roof is missing shingles; upstairs bedrooms all have significant water damage as a result (caved in ceilings, destroyed carpets, damaged walls). All of the upper windows need replacing. I am sure there is mold. It's pretty much a disaster. I would remove every single piece of drywall in the place and pretty much start from scratch including all new floors.

Upside is that homes in this area are going for $435,000+. Taxes are insane at around a 7.5 tax rate. I am not getting my hopes up, but it sure would be nice if the bank accepted the offer.

Well, back to daydreaming about what to do with 3,000 sq.ft. of house.
And when this gets rejected, I'll patiently be waiting until September to start looking since that is when my wife is eligible to apply for a mortgage.

Sounds like a great flip. Gut it, build it, sell it, and move on to the next one.

 

[Uppsala9496]

What in the hell happened to such an expensive home that it needs gutted? Just curious.

It's been abandoned for a good year plus. No maintenance done on it and the fact that the roof is missing shingles and the upstairs windows are rotted means there is a lot of water damage. It's in a really nice neighborhood too and looks good from the outside.

 

[Brovane]

It's been a week now since I put in a rather low offer on a foreclosed home and still not a word from the bank. It's listing at $355,000 and I put an offer in at $225,000 (original listing in November had it at $445,000). The place is a total gut job and will require every bit of $100,000 to make it liveable.
The roof is missing shingles; upstairs bedrooms all have significant water damage as a result (caved in ceilings, destroyed carpets, damaged walls). All of the upper windows need replacing. I am sure there is mold. It's pretty much a disaster. I would remove every single piece of drywall in the place and pretty much start from scratch including all new floors.

Upside is that homes in this area are going for $435,000+. Taxes are insane at around a 7.5 tax rate. I am not getting my hopes up, but it sure would be nice if the bank accepted the offer.

Well, back to daydreaming about what to do with 3,000 sq.ft. of house.
And when this gets rejected, I'll patiently be waiting until September to start looking since that is when my wife is eligible to apply for a mortgage.

Can you share the link to the house on Zillow? Looks like you did your homework on the house so you didn't offer to much.