I made an offer on a listed bank owned property. This is my first offer on a house with the intent to flip it. I have not been to the house. A friend found it when looking for a primary residence and told me about it. He said the AC unit is stolen (and it may have had two), it needs a roof (he thinks), and it has a pool that is in bad shape.
I estimated the value at $100,000 and the asking price is $44,900. I offered $23,500 with these terms:
- All Cash
- I will close in 2 weeks
- I will waive the inspection period.
- I will provide 10% earnest money when an offer is accepted.
I don’t expect this offer to be accepted but I hope to get a counter. I don’t want to be in this house more than $65k total. If I get a counter I will go to the house and make a more accurate repair estimate.