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Answers (11)
Best Answer
- Erika Phelan- Buyers Agent, "Orlando Buyers Agent"
- Contributions:103
Which is a more realistic price? What is the property really worth?
The bank usually has an appraisal or BPO (mini appraisal) and will try to get close to that price.
The bank may have countered at the full price because they thought your offer was way too low...what does the listing agent say?
Without knowing more I would say try to split the difference to $180K...and more importantly...how badly do you want the house?
Erika in Orlando
The bank usually has an appraisal or BPO (mini appraisal) and will try to get close to that price.
The bank may have countered at the full price because they thought your offer was way too low...what does the listing agent say?
Without knowing more I would say try to split the difference to $180K...and more importantly...how badly do you want the house?
Erika in Orlando
- frazzano
- Contributions:1257
Find out what the lenders appraisal and bop came back at but more importantly find out when they done. With some lenders, they will order a new appraisal and a new bpo after 90 days buyers should always review comps that are recent to only make offers at fair market values
- Stephanie McCarty, "snellvilleagent"
- Contributions:521
Your agent should review comparable sales in the area, recent sales (no more than 3 months old) and help you make a determination of what is reasonable. At that point you try to negotiate - the banks are not being very reasonable on short sales for some reason of late. Short sales sometimes go for more than asking price after the bank gets the appraisal and broker pricing opinions. There's alot involved with a short sale besides the price - how many lenders? Is there mortgage insurance involved who must approve also? What about taxes or other liens that must be paid off prior to sale? Banks won't pay these amounts - many times they are brought up after title work done and the banks and everyone else is looking to you to pay. Is the house worth it? Lots of questions. . .Good luck.
- Michael Pickett, "Occasio Realty"
- Contributions:91
Look at the deal you are getting, please dont evaluate based on asking price. If the home is worth 220 in todays market, then it probably was around 350-400 3 years ago. Make sure you get the best deal possible but dont insult a bank to the point of walking away from the deal over a few thousand dollars. My ranting aside, if the bank will play ball with you, I would come in around 185 and see where it goes from there.
- Steve Neuenschwander, "SteveNeuen"
- Contributions:281
What it boils down to is staying away from short sales and foreclosures until you have absolute proof that the correct lenders are involved. I have found that 100 per cent of these deals are being done by the wrong lender which means if you purchase one of these homes the title you will receive is no good as the correct lender has never cleared the deed of trust on the property and has another 3 to 5 years to do so. They have a legal right to come after your home after you have already purchased it.
- Lorin Mierzwa, "Lorin3"
- Contributions:12
All the advice I have read seems good and what it boils down is get the opinion of a Realtor; they know the real estate business...
- Steve Neuenschwander, "SteveNeuen"
- Contributions:281
I will say to you that that short sale is fraudulent and you will be getting a fraudulent title as well as become an accessory to a felony crime. If you don't believe me email me and I will explain. 98 per cent of all short sales and foreclosures are fraudulent.
- foreclosuredeals
- Contributions:2
Where did you come up with the 160k offer? As mentioned in earlier posts, it is very important to do your proper research before you put in an offer. Do you have an agent? If so he should have pulled comps for you so that you will know how much the house is actually worth. Based on that you and your agent should be able to come up with a good counter offer. hopefully your agent is in talks with the listing agent working the short sale and see what they think. They need to close on this deal just as much as your agent does.
- Celia Glick, "Celia Glick"
- Contributions:4
This is always a tricky situation because the bank wants to get all of thir money back and they basically set the price. My advice to you has three steps: do the ecomps and see what the house on the retail market will go for, see what kind of spread that is between asking price and the value of the house, and if you are an investor, decide how much you want to make.
But the best thing- but not at all the easiet thing to do is to find out from the bank how much is owed to them and then offer that because they want to make sure to get their money back. Hope this was a little bit helpful.http://www.accessphilly.com/agents/CeliaGlick
But the best thing- but not at all the easiet thing to do is to find out from the bank how much is owed to them and then offer that because they want to make sure to get their money back. Hope this was a little bit helpful.http://www.accessphilly.com/agents/CeliaGlick
- XanderTeam
- Contributions:27
Hello Paco123,
Typically your best bet is to find out how much other homes are selling for within a 2 mile radius. A realtor should be able to help you with that.
Then decide what you want your final offer to be. But I would go with 1 more low offer:165K-170K. Before you settle on a final price.
Typically your best bet is to find out how much other homes are selling for within a 2 mile radius. A realtor should be able to help you with that.
Then decide what you want your final offer to be. But I would go with 1 more low offer:165K-170K. Before you settle on a final price.
- jadedea
- Contributions:120
well what is your limit? do you only want to spend $180? if so make that your max offer. i would get with your agent and look over the houses comparable to the one you want. if you find houses around the same price that the bank is offering, well then its up to you. your agent should be sending info with your offer on why you chose that price. your agent usually can tell you what type of counter offer to go off of. im in the process of buying a house too and ive offered prices with a $10000-$50000. But i am a haggler, and that may not be the best route. do you have an agent?
How do you know how much to offer on a short sale property? ,this one is in South FL
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