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Originally Posted by Mrprez
Thanks! Great information. We’ve bought a sold a few houses in our time but this is the first time we’ve been down this road.
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The house doesn't look like a bargain to me. Zillow says the house is worth $213,331. I wouldn't even offer that much for it. The house is 20 years old, and you would be paying more than almost every house on the street. If the house was a bargain, a real estate agent or investor would have bought it by now. In that price range, there are plenty of newer houses that you can buy. I would also point out that an owner who cannot make the mortgage payments is likely to have neglected the maintenance on the house. When I make an offer, I give the seller 24 hours to accept it. And, in my experience, banks are a real pain to deal with, and they are rarely willing to give you a bargain price. Also, the bank is not going to lose money either way because the loan is probably insured. Just my opinion. Good luck.