From my experience, they would rather see an owner occupent get the home; however, cash is king (for the right amount.) Some listing agents have you sign a multiple offer form ""just in case."" They can continue to submit offers until one is accepted, and even then, I've seen sellers drop a deal (before all the paperwork was signed) to take a higher offer. On a good note, there are still some that will work with only one offer at a time. The listing agent can have a lot of influence (right or wrong is another issue) over offers, too. They can hang on for a period of time to collect as many offers as possible. I've worked w/both kinds of listing agents.
Additional information can also be found on the Freddie Website: http://freddiemacreo.org/
Length of time on the market... Showing activitiy... Value... Financing... Your needs/priorities...
Perhaps you should offer your 'best'. This means making an offer that won't keep you up at night. It would mean an offer that if the bid is lost, you know that you coldn't have done any better ~ an offer that if it was accepted, you wouldn't regret it thinking that it was too much.
You would be wise to work with a RealtorÂ®. They would be committed to working in your best interests, guiding you to homes, referral partners and decisions that would fit with your needs. Typically, the commission is paid by the seller and a buyer does not have to pay the agent for their help. If you aren't already working with someone, feel free to contact me and we can go further into the details of this specific property and more... Thank you and Good Luck!
You should talk to your agent regarding the offer. If you do not have one, I suggest getting a buyers agent. Keep in mind that this does not cost you anything.
Typically, you would have your agent look at similar selling homes in the area to determine what the property is potentially worth. Sometimes you may need to go way over the listing price. Every scenario is different. Hope this helps!
Web Reference: http://ForeclosureIQ.com
Knowing what to offer requires identifying the strategy being used by the selling broker.
Some strategies start low and sell in 30 days.
Others start high and crawl down the price ladder. This can take several months.
If you don't know which game you are playing, you can not win.
Best of success,
Annette Lawrence, Broker/Associate
Palm Harbor, FL
Clearwater Beach Studio condo for sale.
Best of luck to you!
If you need to find a real estate expert to assist you, check out our website! We have great agents: http://www.dreamtown.com/agents/dream-town.htm.
First off you should consider that these homes be it Freddie Mac or Fannie Mae are priced to sell. For the most part they are in better than "fairly good" condition.
Secondly, due to the above mentioned reasons these home will normally end up in a multiple offer scenario, where by the owner/occupant gets "first dibs".
Do yourself a favor and do not navigate these waters by yourself. Find yourself a good buyers agent. Start with those that responded, including myself. Our services to you are at no charge, FREE!
Interview a few & make sure they have experience in working with these properties and types of transactions. Jeff Nobleza & I are colleagues. Either one of us will get you through this with the least amount of hassle.
Americorp Real Estate
Brokers Associate, e-PRO
I never tell anyone what kind of offer they should make. What a property is worth to you is a very subjective thing and I couldn't presume to know what that is.
Even appraisers, which most real estate agents and brokers are not, don't tell you exactly what a property is worth. They provide an estimate of value.
What I tell my clients is how much properties like the one they are considering, in similar condition, are selling for near where they are buying. I can share market statistics to show where prices have gone and where they might likely go next. That way they can feel comfortable with what they decide to offer.
Since this post was regarding foreclosures in 60602, the best I could give you is some general information on that. And since limiting it to zip code 60602 alone produces a relatively low data sample, I'll expand it to cover the MLS area covering the Chicago Loop.
In the Loop, the median price has been trending slightly downward over the past twelve months. In November 2009, media price was $340,000 and in November 2010 it was $324,500 which is down 4.6 percent. Now that's includes all sale types, including bank owned. For bank owned properties, the numbers are $254,000 and $155,000 respectively, down 39 percent.
What's needed to provide a better estimate of value is an exact address including the floor and view if any, and also lots of details about the properties condition.
If you're seriously considering an offer on this property and need a local agent, I have connections downtown. Drop me a line if you need a referral.
Prudential Starck Realtors
Cell/Text: (224) 234-5276
Good advice from all. I have had a few clients offer on Freddie Fannie properties. One thing I can tell you is that they are some of the best stuff on the market. They often come with financing or warranty or both. They are usually fixed up a bit and you get an answer back pretty fast.
However, this means that they are in demand. I have had a few "negotiating" buyers or hesistant buyers lose out on these properties because they waited or wanted to low ball them. If that is what you want to do - you may be wasting your time.
Have your agent do an analysis of the property and the market, but my advice is offer fast and don't bother to offer lower than 3-5% off list price. If you really really want the home and your agent says it is a good price - which it probably is - offer full listing price. It is probably already discounted and you are buying at the lowest part of the market, so you will likely still get a good deal.
Second, when I receive an offer on a Freddie property I have to enter it in an automated system that asks who the buyer's real estate agent is. If you don't have one the system assumes that the listing agent is your agent.... Do yourself a favor and engage an agent to help you in the process, their services are free as Freddie pays their commission.
some other things to consider: Freddie only entertains owner occupied offers for the first 14 days that a property is for sale. Freddie generally will pay up to 3.5 percent of buyer closings costs on financed offers and 1 percent on cash offers. Freddie will give you a 2 year warranty on most items in the home for owner occupants.
Get a Buyer's Agent to look out for your interests! The service will cost you nothing. As a matter of fact, you could improve you purchasing power with help from an agent like me. I'd be willing to provide you with my expertise and rebate you half of the buyer's broker's commission, if allowed by your lender.
If you don't yet have a Realtor, contact me to discuss.
Your realtor should be better able to advise you. If you don't have a realtor,, GET ONE.
That;s because there are other things you should know about buying a Freddie Mac home, like the HomeSteps program, which will require your realtor to fill out the appropriate paperwork, and also that Freddie Mac will NOT pay any transfer stamps, which will affect how much cash to bring to closing.
So, make sure your team is in place: A Good Realtor, a good attorney, and for great financing, give me a call or send me an email.
Senior Mortgage Consultant