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there's a foreclosure property posted at $134,950, we already put an offer for 145k,is it enough?

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the agent is telling me that there are 13 more offers, and according to the zestimate, the property has a value of 229k, we're 1st time buyers and it's really hard for us to decide on how much more to offer, the agent tells us to offer 10k more but ido't know if that's the right thing to do. what would be the best thing to do?

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January 14 - Sylmar

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Steele Propp, "steelep"
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Steele Propp, "steelep"

Minneapolis, MN

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Patience and doing your homework is the key. One doesn't have to be from the neighborhood or even the state to understand bidding wars. And that is how many REOs across the country are being priced. Low enough to attract multiple bids.

And like any auction one has to have a stopping point predetermined. Otherwise you can get carried away with the situation and pay too much.

Either that or stay away from these situations.

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June 15

scubastan
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scubastan

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I just made an offer at 176K on an REO listed at 199K and lost that home oportunity. I was told it went for 205. I am now dealing with another REO that went on market at 235 and I offered 221. They have accepted my offer. But I am willing to wait and spend lots of time to get a good deal.

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June 14

Pherris
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Pherris

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"steelep", your profile says you are in MN. The property being discussed is in Sylmar, CA. Do you know what it is like there? It is not a place to be getting involved in a bidding war and end up paying over list price.

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June 11

Steele Propp, "steelep"
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Steele Propp, "steelep"

Minneapolis, MN

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Actually people are paying over list price because banks are deliberately underpricing their listings to get multiple offers.

And it is working.

They are not overpaying. If they have done their homework first.

Right now the more desirable REO properties are selling this way. Of course, one does not have to make offers in these situations.

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June 09

Pherris
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Pherris

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No one should be paying over list price for Sylmar.

Since this post is from January, here's hoping you didn't go through with this...

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June 09

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"the agent is telling me that there are 13 more offers"

LOL! your being ripped off. They are manipulating you into
paying more. Can you verify if such other offers exist. This
is how the bubble was blown up before. Its the reason why so
many were forced to use toxic loans to buy homes just to make
payment short term. The more you pay the more
they earn in commissions.

The process of selling homes is broken.

Zestimates mean very little. The real "value" is prices pre-bubble say 1997-98 Plus inflation (30-35%).

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June 09

Steele Propp, "steelep"
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Steele Propp, "steelep"

Minneapolis, MN

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Keep in mind that the Zestimate is based on average condition and most foreclosures do not fit that description. That's why it's priced where it is. Today the most popular grouping of properties are the bank owned. I am an REO listing agent and lately all my listings have been in multiple offer situations. Most with three or more offers. As stated before, only you can decide what to bid but in this price range your agent may be correct. Shoot, 10K more may not be enough. I have one that just reduced price to $104,900 and immediate got 5 offers. The top two $120,000 and $121,000. Cash.Speaking of cash, this can be a tough one to go against. The bank owners do look at net price so if you are offering $10,000 over list but want seller paid closing costs of $4,000, the net price is only $6,000.Now some banks will like the higher gross price cause it looks better, but ultimately they do look at the net.Just some thoughts. Good luck.

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June 09

Edward Thornburg, "Ethornbu"
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Edward Thornburg, "Ethornbu"

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When you are buying a property, have your agent look at the comparables by square foot in that subdivision for comparable sales, with little emphasis on listings or pending. What ever your square foot price is, based upon condition and square foot price, is the price you should expect to pay for house using only the last 90 days of comparables. If you don't want to pay today's price after these comparables are provided to you then you aren't ready to purchasd a home. This is not rocket science but simple math. It still costs about $85.00 a square foot to build a house plus the costs of lot which is determined by neighborhood. The cost of materials is not going down anytime soon, if at all. The true value is in replacement costs and the market value today has no resemblance to replacement costs. It is simply a liquidation costs based upon market conditions or what someone is willing to pay.

When the inventory of homes stabilizes, the market prices will prevail again and you will have a nice equity position in the house. There has never been a time in history, that I know of, that the homebuyer could could get so much house for such little cost, thanks primarily to the greed in the market place whether it be mortgage market, hedge funds and lack of oversight by our politicians. The foreclosure market prices rise and fall with the inventory of foreclosures in the market place at any given time and it won't last forever. When the foreclosure inventory decreases the prices will again got back to replacement costs over a reasonable period. After 30 years of experience in foreclosures, I've never seen a better time to buy homes. This is a once in a lifetime opportunity that probably won't be repeated.

In summary, don't wait on the market conditions to change before you buy. The mortgage company, in a short sale, will sell the property based upon the BPO (Broker Price Opinion) which is usually the listed price but not always. Pay what you feel comfortable with but only after your agent does the necessary evaluation to show the true value of home in the subdivision the house is located in and not other areas. Location-Location-Location is still the number one factor in determining the value of a home. That's what buyer's agents are supposed to do for you but it's still you decision.

Good Luck,

Ed T.

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June 09

Pamela Seley, "pamelaseley"
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Pamela Seley, "pamelaseley"

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Probably not. If there are that many offers on the property, it must be desirable. Only you can decide how much you want to pay for the property. If the property is valued at $229 then that's probably the price, or close to it, that it's going to sell for.

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January 15

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there's a foreclosure property posted at $134,950, we already put an offer for 145k,is it enough?

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