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Old 09-28-2005, 10:30 AM
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Default Advice wanted

live in the Bronx in new york city and on my block i saw someone
from the bank boarding up a 2 family frame house. I did some
research and i found out which bank had the property and all i got
was an automated system. I did find the lawyer that handled the
foreclosure he directed me to the bank. The bank states that if i am
intersted they expect an offer in writing. Here are the numbers:
Court papers have the bank foreclosing for $270,000 which i assume
includes fees ,etc. 2 family homes in the area are selling for
$365,000 plus. I spoke to the neighbors and they stated that
previous owner had bad tennants who destroyed the property . I
checked HPD and there are some open violations, but being
conservative lets say $15,000 in repairs considering there was
tenants there until last week. What in your opinion would be a good
offer to the bank? It could be a good deal but i need guidance.
Should i offer around $250,000? In my offer should i even suggest
the damage to the property or assume they know that already. I want
this house but i dont want to make any stupid mistakes. Should my
offer be subject to an interior inspection or just pray that they
agree. All opinions are welcome and appreciated.

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