PS: Your buyer's agent will research sales records of all the homes that are comparable in the area and will advise you on the possible sales value of this home, so you may have an idea what it may worth before you spend your money with the lender on the appraisal. The agent may also suggest to have a contractor to look at the home before finalizing your final offer as you may have unexpected repairs needed and most banks want you to sign an AS IS addendum and will not do or provide for repairs. Your great agent will also consult you on the value and the low cost of the Home Warranty that maybe included in the offer and will cover you for all major repairs. There are many other valuable ideas to consider and talk about when buying any home in the area and your agent should be a great resource!
Let me know if you have questions on how to find the best representation for you.
Your Real Estate Connection!
Prudential York Simpson Underwood
This house is a foreclosure that recently reduced the price from $137,500 to the current $127,500. The bank that owns the house doesn't sell that many in our market so it is hard to say what they are willing to accept. If you are not working with a buyers agent and would like to see the property please feel free to contact me through my profile here on Trulia. I had a foreclosure close last week that was listed for $94,900 and the bank accepted $75k. I have another in the same neighborhood closing this week that was listed at $87,900 where the banks was willing to accept $76k. It's important to find an agent that has experience with foreclosure properties to help you get the best price possible.
Have a great day!
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors