California real estate?

Question

I am planing to purchase a home in Stockton using my VA loan. The previous owners were foreclosed on and the asking price by the bank is $164,500. I am thinking of making an offer of $150,000. The real estate agent says that everything on the market is selling at or above asking price. Since the seller is requiered to pay closing costs the realtor says that that house will not go below asking price. I say its worth a shot but I do not want to risk losing it. Should I make a higher offer?

Answer 1

Shoot me an email with the MLS and I will tell you what is going on in that neighborhood. (or the address if you do not know the MLS id)

What you agent said is true for the low end housing, having over a dozen offers is common place.    But, I can look it up for you and give you an unbiased opinion as I am not going to be getting any commission.

Answer 2

You are missing the concept.  You are buying a bank repo.  You buy repo's with cash.  You would never buy a repo with a VA loan.  VA requires the seller to do extensive repairs to the house.  That is to protect you but you don't want to be protected.  You just want to buy it for a low price.  

The seller is going to warn you in advance that they will fix nothing.  Not one thing.  The VA is going to demand at least 5 repairs.  The seller is going to ask you what you didn't understand about them telling you they won't do ANY repairs.

You will offer to go in and fix the items yourself.  The seller will not allow that. If you fall and break your arm, they know what you will do.

Use your VA to buy a nice house that needs no repairs.  When you have some cash in the bank, buy a repo.

I'm a vet and i buy lots of properties. /