I found an REO not too far from where I am now. From looking around in this neighborhood I can see that the comps for this property will be in the 245K to 292K range. The property is definately the ugly house on the block. All the other homes around this one are quite nice. I have not had an inspection on it but I do know that the water pipes froze up last winter and there is no heat now. This type of damage I am sure can be quite costly (I am going to call local contractors for estimates). The bank has it listed at 142K and I am thinking this is a great opportunity even with the damages that need to be done.
The property has been listed on the market for 114 days. Is this the type of property that would be up for negotiation on the price? Is it possible to get the bank to go lower on the asking price? Would I also be able to get it for no money down?
Experienced investors please help.....
Thank you. SS