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Iam offering the entire bank owned price on a foreclosed home will I for sure get this house if I pa

Is it better to pay half cash and motgage the other half to save 11%FL sales tax?
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July 19 2009 - Lehigh Acres
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Profile picture for woodpilot
I just purchased a bank own property in Lehigh Acres last week. It is better to pay all cash and use the listing Realtor for 2 reasons. 1. They get all the commission and 2. they know what the other offers are, they won't tell you but they want the sale and will "guide" you to the best price.
Our cash offer was $7000 less than the highest FHA offer but the bank took ours because it was less cost to the bank in the long run.
Also, with a cash offer there is almost no closing costs for the buyer.
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July 27 2009
Profile picture for LEAH30
I have been outbid on newly listed REO's; however, I have been able to negotiate the purchase price below listed price if the house has been on the market for 45+ days; other terms have stalled the deal.  I have financing and the banks seemed not to care.  I think it is all a numbers game: which deal can really close and will bring in the most money.

I agree with the others, you have to pay doc stamps and I have not seen a 11% figure.
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July 22 2009
Things are good spec. Let me know when you might get this way and we can have lunch.
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July 22 2009
There is no such thing as a sure thing when making an offer on REO's...when your offer is highest and best and it is cash it is preferred with a quick coe; followed by conventional financing with min. 35% down payment; then VA and lastly FHA  Banks look at what they will net when determining best
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July 19 2009
How are things going JK ? 

  There is a strong possibility that we may be buying out a small company in Brevard so  I will be down there more often. 


 I also just got word from a large builder that they will be ramping up operations in Melbourne in the very near future. So they must be betting on  a stabalization in the not so distant future. 
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July 19 2009
if the house is in a hot area  and priced where it will get multiple bids you will lessen your chances significantly by not paying cash.
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July 19 2009
With foreclosed homes, we are seeing in our area, that the list price is the starting bid price.  The process can be frustrating however if you have persistance and the right agent, you'll find a great home.
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July 19 2009
There is no 11% sales tax for homes in Florida. Total recording fees (taxes) come to about 1% if financing is involved. Annual property taxes are bit high, but not 11% of the assesed value and even then you only pay for the time you own the house. If you buy in August 1, you will be credited by the seller at settlement for the first 7 months and you will pay the full 12 months at the end of the year.
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July 19 2009
Getting a mortgage means you have to pay more taxes, there isn't a sales tax on a house they are called doc stamps on the deed, Here is a reference page that show you how much it will cost you: http://dor.myflorida.com/dor/taxes/doc_stamp.html 

Here is some important information on property taxes in florida: http://dor.myflorida.com/dor/property/taxpayers.html 
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July 19 2009
Talk to your CPA or Financial Adviser. They are the only people who can advise you properly.
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July 19 2009
 
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