From: steve011@gmail.com
Newsgroups: misc.invest.real-estate
Subject: Advice Needed...
Date: Mon, 26 Nov 2007 12:57:09 -0800 (PST)
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I need some advice, if anyone has any:

My wife and I are looking at buying a property (built in 1999) that is
in foreclosure and priced well below the assessed value. We made a
competitive offer a little over a month ago with a home sale
contingency (which we knew wouldn't fly, but our property is on the
market, and the thinking was we could immediately remove the
contingency once we got an accepted offer). There have been several
other offers made on this property.

The bank has asked the potential buyers to resubmit offers in light of
the fact that they now will apparently not be paying to have the
utilities turned back on for an inspection or for the Title V, which
will run about $4,000 or so (just to be able to decide whether or not
to proceed with the sale if an offer is accepted).

My wife and I both like this property, but the added risk is making us
a little nervous. Does anyone have any suggestions on how to proceed?
My thought had been to remove the home inspection contingency and take
at least $50k off our previous offer. In affect, we're assuming the
worst case, taking the property as is, and will use the money we save
on the reduced offer to make repairs (which may or may not be
necessary).

(Ignore the home sale contingency part for now - I'm just trying to
get a game plan together so that once we get an offer, we can
immediately go forward.)

Thanks.