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I am interested in buying a property bank-owned. is half price a good start to bid on a property

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Renette Arrrington

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The property is listed at 52000.. a roof is needed, all four ceiling will have to be replaced due to leakage, hard wood floor is soft, and  the backyard has water sitting donot know if sewage is working or not.
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November 03 - White Haven-Coro Lake
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triedtobuyinhouston

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been down that road.....

most agents will not even submit the offer. you will get the canned answer that the home already has over asking price bids on it. been there done it.. its very very dirty deals with realtors. i will never deal with one of them ever again.........
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November 14
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Sebastian Martinez, "Sebastian Martinez"

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I answered to this question in a different post, but is some what similar to yours, this is what I wrote:

Base your offer with regard to the most recent comps (sales) in the area the property you are interested, this information should be shared by your agent.

Keep in mind some areas now have been officially declared sellers market, e.g. in Washington DC or North VA. properties are selling for above asking price.

Yes, $50,000 above asking price, we went from two years worth of inventory to only 7 weeks. Most foreclosures sell in 3 days. (6 offers minimum)

I'm not even taking clients that can't get with the program I given to the newbies,until they lose 3 or 4 offer and start asking why.

For what I understand in talking with other agents in metropolitan areas, unless the property you live in Detroit, they are short in inventory.

The $8000 for first time home buyers is cleaning the streets BUT new buyers are paying $60,000 more for the same properties I sold early this year.

I hope this help.

Sebastian
PS: Bank's list their properties prices with regard to the current condition.
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November 14
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phong hoang nguyen

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i m interrested to buying peorty bank-owned of city in garden grove califronia fro condo and
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November 08
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Kathleen McKinney, "Kathy McKinney"

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It sounds like it's in need of a lot of work and could end up being a nightmare. Just because it is low priced does not mean it's a good deal.

Talk to a local agent about comparables on fixed up properties similar to the one you want that have been sold within the last 3 to 6 months and then consider all the repairs before you bid.

You should definitely get a good Home Inspector and Trusted Contractor to get the rundown on what repairs are needed and the cost.  Do this first before you put in any bid on the property. 
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November 08
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Pacita Dimacali

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Perhaps this will help explain how to buy a bank-owned property

Although this may be a humorous way to explain the challenges, there is a lot of truth here, and it hurts!

Questions:
1. Is it listed?
2. Do you know the comps in the area
3. How much will it cost you to rebuild
4. Do you have to get a loan
5. What does your agent tel you?
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November 07
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Cindy LaPeer, "cindylapeer"

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If you are unfamiliar with doing this kind of renovation, you may find yourself so far in the hole, that you can't even break even. And consider the kind of loan you want to get (unless you have cash.) A lot of lenders will not give you the loan if the property needs these kind of repairs.
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November 03
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Michael Emery, "MikeEmery"

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There's no guarantee the property is priced 'as is' because the Realtors who do the valuations are not general contractors or inspectors and may not be aware of the cost of restoration or the structural defects of a property.

The best course of action is to determine the values of comparable properties in the neighborhood and also have a contractor give you an estimate of the cost of repairs. Then determine a value of the property based on those two key pieces of information.

 But the caveat in that statement is you might spend upwards of 30 percent more for repairs once the work has begun. That's due to to the fact that inspectors or contractors can't do invasive inspections and won't be able to see the true picture until the walls are taken down.

I have been watching the most recent episodes of "This Old House" on PBS. The homeowners were hoping to do some minor upgrades to their electrical as part of a room addition. Once the electrician took up the attic floorboards he realized the home still had knob and tube wiring and the whole house needed to be rewired- right down to a new electrical box to replace the one that had been damaged by water intrusion from the outside. Now THAT"S gonna be expensive.




 
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November 03
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Jason Bonas, "Jason Bonas"

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I have a strong feeling that at 52000 it may be priced already taking in account the condition if it is being sold thru an agency. However your agent should be able to help you with price strategy. keep in mind that if you offer half with no basis for the offer you might not even get a response from the bank.
Are you prepared to make repairs to all the areas you mentioned?

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November 03
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Angela Hardy, "AngelaHardy"

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You'll have to look at comparable prices in the area to see what a reasonable offer will be. An arbitary percentage off the list price is not the best way to make a decision. Hope you are paying cash or using a rehab loan - does not sound like the property will qualify for any other financing! Good luck!
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November 03
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FriendshipProperties

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In most cases they already factored in those repairs to the price PLUS SOME.  Are you using comps and repair costs?
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November 03
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Michael Emery, "MikeEmery"

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There was a bank owned property I looked at six months ago that was priced at 180k. Due to the condition it should've been priced at 75k. 

So even at half of 52k it might still be too much.
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November 03
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Cindy LaPeer, "cindylapeer"

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Have an agent show you comps, get an inspection and then get a bid on the work. After you've done your "homework," you'll be completely informed and you will know what offer to make. But the way you describe it, are you sure it's not a tear down?! LOL!
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November 03
 

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Related Questions
Profile picture for triedtobuyinhouston
Question I am interested in buying a property bank-owned. is half price a good start to bid on a property
  • Latest answer by triedtobuyinhouston
  • November 14
Profile picture for Sebastian Martinez
Question Is it true that banks reduce the price every twenty days on bank-owned properties
  • Latest answer by Sebastian Martinez
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