Zillow Advice: Home Buying - foreclosure asset managers? http://www.zillow.com/advice-thread/foreclosure-asset-managers/374793/ Zillow Advice | Zillow Real Estate Ok what am I missing here ... http://www.zillow.com/advice-thread/foreclosure-asset-managers/374793/ Ok what am I missing here --- I've read question and responses 2 x and I don't get it. <br/>In my world --- you put in an offer ($525k) and they counter with a higher price ($546k) .&nbsp;You accept and move forward.&nbsp; Your getting a loan and the appraisal comes back in at $530k.&nbsp; That's it!&nbsp; You have a certified value at $530k.&nbsp; The loan will be based on that figure.&nbsp; If it were an FHA situation that house would be tagged with that value for awhile.&nbsp; The theory is "who pays more for something then what it is worth."&nbsp;&nbsp; I don't believe I've seen many mortgage companies not accept that the value is what the appraisal came in at.&nbsp; <br/>In many markets that I work I've actually seen this as a strategy where the offer was really high when there was competition for a house.&nbsp; Reason being that they knew the appraisal would adjust their offer and allow them to get it for less irregardless of the contract.&nbsp; Especially, and all day long on a FHA loan where Amendatory Clause protects the buyer. <br/>I'll watch for responses to my post --- <br/>Sincerely,<br/>Celia <br/> Sun, 14 Nov 2010 04:59:00 GMT http://www.zillow.com/advice-thread/foreclosure-asset-managers/374793/ 2010-11-14T04:59:00Z My husband is an asset manager ... http://www.zillow.com/advice-thread/foreclosure-asset-managers/374793/ My husband is an asset manager so I hope I can shed some light on this for you.<br/><br/>First of all, is your offer well written, clean and free of contingencies (except for a mortgage)? &nbsp;Believe it or not, there are still many real estate agents who fax handwritten offers back and forth and by the time the offer gets to the asset manager, it's not even legible. &nbsp;Since most bank-owned properties are sold "as-is" a home inspection contingency can be a negative as well. &nbsp;Consider having a home inspection done (with the bank's permission) prior to writing the offer.<br/><br/>What's a reasonable offer to you and I can be very different than what is reasonable to the bank. &nbsp;There could be other factors influencing their pricing which has nothing to do with current market value. &nbsp;Does it make sense? &nbsp;No. &nbsp;But it is what it is. &nbsp;<br/><br/>Resubmit you best offer and see what happens. &nbsp;If the bank won't accept what you deem to be a reasonable offer, be prepared to walk away. &nbsp;It's not worth it.<br/><br/>Good luck and keep us posted!<br/><br/><br/><br/> Sat, 13 Nov 2010 21:40:00 GMT http://www.zillow.com/advice-thread/foreclosure-asset-managers/374793/ 2010-11-13T21:40:00Z The bank owns an overpriced ... http://www.zillow.com/advice-thread/foreclosure-asset-managers/374793/ The bank owns an overpriced asset in a declining market. If your agent believes the property is not worth more than 500k, then don't pay more than 500k. The fact that the listing agent ALSO believes it's value is far less is a good indicator that this property won't budge until it drops substantially in price.<br/><br/>Banks (for the most part) mark down properties on a scheduled basis of 21 to 30 days, although I've seen properties that have had no mark downs in 60 days. They generally follow the advice of the listing agent who often will hold upwards of 100 foreclosed properties at any given time.<br/><br/>And if this asset manager was doing their job, they would want this off the books by the end of 2010. This seems to be the biggest factor in determining whether or not an offer is accepted. If you can close within a quarter or end of year, they are more receptive to low offers as it gets the asset wiped off the books in a more advantageous period for the bank.<br/><br/>And one last point, please purchase owners title insurance, and use a reputable insurer like Old Chicago and not 'Bobs title insurance' In the rare event of there being a question on title, the problem is more likely to fall onto the insurer and not your doorstep. Sat, 13 Nov 2010 18:49:00 GMT http://www.zillow.com/advice-thread/foreclosure-asset-managers/374793/ 2010-11-13T18:49:00Z I can tell you with&nbsp; ... http://www.zillow.com/advice-thread/foreclosure-asset-managers/374793/ I can tell you with&nbsp; 99 per cent certainty that the lender in the process of this foreclosure does not have legal title or authority to sell it.&nbsp; <br/><br/>Your best move is to walk and stay away from both foreclosures and short sales because 99 per cent of them have any where from 1 to 12 violations of fraud.&nbsp; You as the buyer are going to inherit a property that can legally never belong to you as the title will never be clear unless the fraud in the sellers mortgage is cleared up.&nbsp; Click on my picture for more information.&nbsp; Sat, 13 Nov 2010 18:25:00 GMT http://www.zillow.com/advice-thread/foreclosure-asset-managers/374793/ 2010-11-13T18:25:00Z