Profile picture for dtcabrera

Price comps? I am debating between 2 houses and need to know whats the better deal!

I have submitted an offer on a foreclosure and they have responded very quickly but the bank countered with only $5k less than listing price.  It is for slae for $169,900 and I offered $155,000 and they countered $165000.  I need to know if I am getting a good deal.  If I counter can they reject it alltogether? Or should I play it safe and accept and not risk losing the whole sale alltogether?  I initially offered a $5k earnest deposit so after I raise my offer now can I also change what I will give them as the deposit when it comes time to deposit it?  I do not have a buyers agent just a lawyer so how do I pull out comps in the area and analyze if i am getting a good deal??

How long do I usually have to respond? I still have a pending offer on an approved short sale and have yet to hear back from them but dont want to lose the house in the meantime.  Any help would be appreciated!
  • September 22 2011 - US
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Answers (5)

Profile picture for hpvanc
I agree with Sunny, find an agent capable of providing the professional services you need i.e. pull the comparables and pay them a fee for the services. 

I'm not sure if it is still true or universally true, but agents were screaming about the fact that banks will not allow them the commission if the buyer chooses not to use a buyers agent.  I usually find it hard to disagree with Seth so the bank not allowing the double ending of commissions may be area or bank specific, but it is probably worth trying to verify since they will be protecting their bottom line more than the top line.  You, and Seth himself, are at least partially trying to avoid those subtleties (opportunities/niceties for agents to game you and take you to the cleaners) entirely, backing away and using an agent in that capacity at this point seems to defeat part of the reason for going it alone.
  • September 22 2011
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My suggestion is to find a buyers agent and write a new offer for the foreclosed property. Check Zillow for realtors in your area that specialize in
foreclosure properties. Tell the Realtor up front what you have done so far and they will know how to help you. You do not pay the buyers agent for servies, the seller pays for their services unless it is stipulated. Either way use Zillow to find a Realtor that will work for you and help you get the best deal.
  • September 22 2011
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The emails are going to start soon about the poor decision you made in not using a buyer's agent. I'll begin the pleasantries.

I think a personal anecdote will help change your mind. I got into real estate because I assumed I couldn't trust anybody else to buy a property for me and I would save the commission, probably like you. In the end, despite the seller's agent claiming she lowered her take (there is no way to prove this), I got the exact same price if not a tad higher if I had used an agent because they have access to the detailed histories of area properties that are not available online.

Basically, you are trying to get professional realtors to give you free advice when you could have had free advice all along if you just hooked up with a quality local agent. You screwed up. And I'm calling you out on it.

Absolutely no way the bank is changing the price of your property because you are bidding agent free. If anything you are probably getting screwed, again, because you don't understand the subtleties that realtors use.

I look forward to the help that Zillowers will bring you.
  • September 22 2011
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Good advice Sunnyview.  My real estate firm is currently offering free CMA's, so I would definitley  call a realtor in your area to assist you in pulling the comps.
  • September 22 2011
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Profile picture for sunnyview
The timeline for your response should be in the contract itself at least that's how it is in my area. You can find comps on Zillow by pulling up the home page and looking in the right hand column for recently closed houses.

Honestly in this market, I would see if you can offer a fee to an agent to pull comps for you if you don't have an agent of your own. They can show you the current listings of similar houses and will have the most up to date closed sales.

As for the earnest money, that amount usually is held either in escrow or by the listing agent or seller from the time the offer is accepted and is not changed upon acceptance or a counter offer.
  • September 22 2011
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