Foreclosure in Lees Summit>Question Details

Bailey Shafer, Home Buyer in 64082

Fannie Mae Homepath Cash Offer

Asked by Bailey Shafer, 64082 Sun May 15, 2011

Fannie Mae Homepath Home listed 6 yrs ago for 289,900. in foreclosure now listed at 199,999. What would be reasonable all-cash offer? Is 150 too low?

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Hi Bailey, You definetly need an agent who's going to do the research for you and negoiate to get you the best possible price. There are lots of variables to look at when determining an offer. Not only the comps but also the condition of the home your buying, ,location and what the markets doing in that area,.
Six years ago it was a Sellers market and home prices have dropped drastically since then. Let me know if you have any additional questions or concerns. Kathy Wardle Keller Williams Lees Summit MO. (816) 786-3218
http://www.callkathytoday.com
0 votes Thank Flag Link Sun May 15, 2011
Depends on the home, location, days on market, and other variables. I have been involved in many REO deals and each is different. If you owner occupy the home you have a better shot at getting the bid, paying cash is also huge. If this new listing and it’s as good a deal as you have implied you had better be aggressive in order to win the property. We have been successful in the past by offering the bank a large deposit up front such as 25%. Foreclosures can be very competitive and are not for the faint of heart, if you have the mindset of an investor it will go a long way towards getting this deal done. Let me know if I can help Thanks, Scott Hulen randshomes.com 816-809-1903
0 votes Thank Flag Link Sun May 15, 2011
There are so many variables to making an offer, including comps, history, comps, among other things. I would definitely recommend having a buyer's agent working for you. A good one will be able to tell you a lot about the history of the property, loan history, amount bank bought it back for,etc. Of course they will also help you in negotiations and can save you thousands. There is no coat to you as the buyer. I work with a lot of buyers and have dealt with a ton of foreclosures. I would be happy to answer any other questions you may have, and would to help you get this for the best price. Feel free to email or call me. Best of luck!!

Chad Dumas
Reece & Nichols Lee's Summit
816-517-3049
816-251-1526
chad@reeceandnichols.com
0 votes Thank Flag Link Sun May 15, 2011
It does not matter what the list price was then or now. The agent should have done a comparable market analysis before they put it on the market to see what the house should sell for in todays market for the homes location & condition. If you have an agent represent you they should be able to research current sold homes in that area to compare to that one, then pass their opinion on to you. Let me know if I can be any help to you. In Missouri the seller pays the list agent and the buyers agent's commission.
0 votes Thank Flag Link Sun May 15, 2011
I would think 20% is a reasonable discount, so $40,000 off 199,999 equals %160,000. If you dont hear back in a week, send another offer at $165,000. That will get someone's attention, and hopefuly a counter offer

David Cooper Las Vegas Foreclosure Investor in Bank Owned REOs with Huge Cash Flow. for FREE daily list email: davidcooper@lasvegaswinner.org or Call +1-7024997037 not a real estate agent
0 votes Thank Flag Link Sun May 15, 2011
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