Estimating repairs on a foreclosure property

Estimating repairs on a foreclosure property

Hello DG Family,

How would I estimate repairs on a foreclosure property,so I can make a offer to the bank?




You did not say whether you are a experience remodeler are not. It would be easy to get estimates on a locked down price. That way you would know what you have in it. Most contractors will give you a free estament.



no experience

This will be the first home I am going to look at. It's a foreclosure I want
to make an offer on it, but I want to have an idea of what the repairs would be, cost wise. Comps are about $130-150,000 3 bedroom 2 bath 1,543 square ft.



You will have to get bids from local contractors. No one can give you a true bid without looking at the property. Good luck and were are you located.



Virginia - Hampton roads area.

Sorry for all the questions. I understand I need to get bids on the home. How do I do this if I don't have it under contract?

Thanks again...

Solivan-sons Ho

What you need to do is contact the listing agent,tell them you would like to do a walk through to view the property and have a license contractor with you to be able to check out the property and give you a complete estimate on the repair cost,then do the comps for the area and submit it with your offer price.Is the house still in Foreclosure or is it an REO.If its still in foreclosure,get your estimate and comps together and talk to the owner's on a sale price and submit a Short sale package to the Lender.


thanks Whurndon

When I do this do I just use one contractor or 3 Seperate ones to get a avarage repair estimate?

Thaks again.

Sorry it is a REO

It is a REO That has been sitting for awhile. I have a realtor getting me some more information on the property.The bank was asking $89,900.00, but my Realtor told me today is was just lowered to $79,900.00

She also told me it's actualy a 4 bedroom. The garage way converted into a bedroom.


Oh,by the way my name is Eric.

Hi Eric

You only need to get one contractor that is good and reputable,get the estimate,do the area comps and submit your offer,How long has the property been on the market,if more than 90 days you may want to submit an offer at 50% of market value and see what their responce is,you can always bump it up just a little.


WOW what a mess

I went to see the property. It needs a total rehab. I am waiting on my lender to give me a ok, so I can make a offer.

The roof is leaking & has broken and/or rotten wood.
The slab foundation is seprating from the walls.
Outside the wood shingles are old & rotting.

I will keep the DG family up to date.....more to come..

Looked at your pick

Like someone said in a early post, Find one general contractor. Usually they will give you price that is good for 90 days. Try to find someone local that is insured and license. Make sure he adds in all fees for permits. Someone local will know what they require. GOOD LUCK and keep us posted on what happens.