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When we make an offer on bank repo houses, we generally pay 70 percent after repaired value. It’s some place between 84 and 87 percent.
What’s a higher prices house? If it’s a lower priced house you want to be down around 84. When making an offer, we make an extremely low offer. Go ahead and make an offer. Say, “Okay I’ll take the offer if you have something else to entice me”. I am thinking that they should pick number one and they pick number three. The first offer is all cash.