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Want to purchase a foreclosed home. The asking price is 66000. Howmuch should i offer

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June 05 2010 - Miami
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Answers (4)

To best answer your question, I think its important you contact a local Real Estate Agent. There are many factors in determining what would be your best offer. Such as whats the current market value for the home, how long its been on the market for sale, but most importantly how much do you really want the home and are willing to pay for it. Your offer must be well thought out and should be your highest and best offer ,especially when dealing with a multiple offer situation.

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June 07 2010
If the home has already been foreclosed, and is back on the market as a bank-owned property, the $660K price is probably (but not always) close to market value for the home.  I say that because listing agents work closely with the bank to list these bank owned properties competitively for a quick sale.  They typically don't have the emotional attachment to the home that could lead to overpricing a listing.  You should sit down with a Real Estate Agent and go over comparable recent sales, to determine the current market value, though.  Remember, the seller (in this case a bank) also knows the market value of a home.  With that in mind, here are a couple scenarios and recommendations:

If the home has been on the market for several months (4-8 months), and it's fairly reasonably priced, I'd probably start by offering 7%-10% less, and work up from there.  That's assuming that your offer includes a strong financial profile for yourself, and a simple contract with very few contingencies. 

However, if the home is already reasonably priced, or even priced below market value, and hasn't been on the market very long, then you've got to step up to the plate with a good offer before someone else does.  Just with any other listing, those that are competitively priced and packaged will still get all the attention of the buyers currently looking for a home.  So, stay close to market value of the home, with a clean contract, and hope nobody else is coming in with an offer at the same time.
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June 05 2010
It's not that easy. More information is needed to respond, however, the best decision you can make is work with a Buyer's Agent &/or attorney that can council you properly. A Realtor can run a Comparative Market Analysis (CMA) to determine what the area price range is. Then it depends on how badly you want that house, the condition of the home, how long it's been in the market or in foreclosure, etc.. There are many factors to consider in determining your bid amount. Is it also a closed bid or open?  Also, who's the bank that owns the property? 

Some banks are being proactive and reasonable while others are being illogical in their methods. I've seen where an offer on a short sale has been turned down just to get foreclosed and sold for a much lower amount later on. Foreclosure cost a bank an average of $70k just for the process alone.

Many investors are going after foreclosures and some banks actually have people at the courthouse steps waiting for a minimum bid or they'll actually bid on their own property and buy it back, so foreclosures are not always the best option and can be a frustrating process. Many vacant homes also happen to be getting vandalized. One day the exterior a/c unit is there, the next day, it's gone. This alone is a $4k cost. Copper wiring is also being stolen.  In Florida, you also have to take mold into consideration. The longer a home is without a/c in the hot months, the greater chance of a serious mold issue can occur.

If you don't want to use a Realtor, you may want to counsel with an attorney on the process to protect your interest.
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June 05 2010
I don't think you've provided enough information to receive a proper response.  Define your situation more clearly and I'll try to help with an answer.
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June 05 2010
 
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