Profile picture for NewEarth24

How low should your offer be on a Foreclosure property in Alamo Heights?

I'm looking into a REO Foreclosure property in Alamo Heights.  How much below the listing price is a fair (or acceptable) offer?  Any ideas?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
August 21 2010 - San Antonio
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (11)

I would take a look at the comps and compare them with the house you are looking at. Being that the house is in Alamo Heights one of the most stable areas of San Antonio thats good. Once you have establish what a market value of the property, look at the condition of the house and estimate how much it will cost you to do necessary repairs. Then decide on your offer with the help of your Realtor. Of course a lot of what the offer depends on your motivation to own the property. The more solid the offer the more likely the bank will take it and cash would be great if you have some to put in to it. I always tell my buyers to put in what you have to unless you just want to put in a large amount to have a better position on the house for payment purpose or equity especially if you plan on paying it off quickly. At current mortgage rates there is a good change you could make more money on the money you have in other investments rather than let it sit in a house. Again this all depends on the motivation you have to own it and how long you estimate you will be there. Good luck to you.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 21 2010
Profile picture for NewEarth24
Ok, well all of this is VERY helpful.  I just checked the appraised value of the home, AND the listing price is 49K above its appraised value!!!  The house is listed at $499K.    I thought it was priced a little high, especially because it is a Foreclosure.  So, I thought I would make an offer under the appraised value But I didn't know how low I could go and still have a reasonable price. I like the home, LOVE the area more than the house.  The point about having cash made me think...we've been pre-approved but don't have a LOT of cash.  So, is anyone willing to give me an actual NUMBER of what they'd offer?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
August 22 2010
Anyone who tells you what the home will sell for in 2 years is purely guessing.  No one can answer that question in today's market.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
August 22 2010
Profile picture for Pasadenan
As Wetdawgs already pointed out; it completely depends on the marketing strategy of the specific property you are offering on, and how they set the list price compared to present appraised value and value 2 years from now.

Absolutely do not offer more than it will sell for in 2 years.  You know where the market is headed, so don't be deceived.  And with 10% to 16% sales transactions, it will take a minimum of 12 years to "break even" if you don't overpay.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
August 22 2010
You need to establish what YOUR fair market value of the property is.  From there it depends on your local market conditions, but you'll quickly find that out if you lowball and find out that you lost out to a more competitve bid.

Simon Mills
Mills Realty
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
August 21 2010
Profile picture for DavidPlush
Cash is a major influence on whether or not the bank will accept a lowball offer.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
August 21 2010
It really depends on the condition of the home along with competitve homes in the area.

If you like the area, and want to live there, bid what you're comfortable paying.  Make sure your buyers agent is providing you with good information on area sales and competive listings. This way, if you lose the house, you can move on and have options.  But if this ine is THE HOUSE for you, bid enough to get it.

Wish I had a solid answer for you in terms of a dollar figure, but that number really does come from you ( the buyer ).  The advice I give is based on the assumption that you'll ask me back to sell it for you in  a few years.  So my frame of reference is to make sure we get it for you, but at the right price so you're not screwed in a couple of years come resale time.

Hope this helps.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
August 21 2010
Profile picture for wetdawgs
How much do you want the house?   You can take any strategy you want, but hopefully you have a feel for your area and what is really happening with foreclosures.  In some areas they are bid up, in some you can low ball and in many listing price says it all.  

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
August 21 2010
Profile picture for bdotsonusn
Just low ball the heck out of it....Normally you'll get a rebuttal offer from the bank if your offer was too low.... I bought a house 2 years ago on forclosure with a list of 72,000...I offered 50,000 and got it....I'm under contract for a different house now that was listed at 169,000 and I offered 154,000+4% closing which comes to 148,000....Neither time was I told my bid was too low...so in the future, im gonna go much lower than I have been.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
August 21 2010
I would say stay close to market value but you can go a little lower. Godo luck!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
August 21 2010

Generally speaking with REO's the bank has priced the property at a little below Fair Market value for the house and its condition. They have typically had an appraiser out to the home to give a value in it current condition.

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
August 21 2010
 
Related Questions
Is the house at 3911 horeseshoe bend still for sale, if it is I would like more information on he p
Profile picture for Kelle Wirt
Latest answer by Kelle Wirt
June 22 | 4 answers
First time home buyer. My husband is the only income. Are we able to find an affordable home?
Profile picture for Alex Marti
Latest answer by Alex Marti
May 13 | 3 answers
I want to know if I have a $40,000 cash budget to get a REO...
Profile picture for John  Giacobbe, ABR
Latest answer by John Giacobbe, ABR
October 06 2013 | 3 answers
How can I find a foreclosure that was previously Veteran Owned?
Profile picture for Jason Campbell
Latest answer by Jason Campbell
September 25 2013 | 3 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 325 Jackson St, San Antonio, TX Home For Sale
    325 Jackson St, San Antonio, TX 78212

     For Sale: $70,000

    • Beds: 0
    • Sqft: --
    • Baths: --
    • Lot: 5662
  2. 7604 Forest Vale, San Antonio, TX Home For Sale
    7604 Forest Vale, San Antonio, TX 78233

     For Sale: $159,900

    • Beds: 4
    • Sqft: 2405
    • Baths: 3.0
    • Lot: 7405
  3. 12108 Drought Pass, Helotes, TX Home For Sale
    12108 Drought Pass, Helotes, TX 78023

     For Sale: $219,000

    • Beds: 3
    • Sqft: 2796
    • Baths: 3.0
    • Lot: 9147