Foreclosure in Raleigh>Question Details

Rainy, Other/Just Looking in North Carolina

Foreclosed Property in Raleigh MLS 1749291

Asked by Rainy, North Carolina Tue Dec 28, 2010

Is this property really in foreclosure? Also the listing price is $127,500. How much of this price can be negotiated? Would the bank be willing to drop it down to $100,000 ? Thanks

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Rainy, you have all the great questions, first of all I suggest to get a great Buyer's agent on your side with experience in this market who will be representing you in the purchase of this or any other home that maybe of interest to you. The agent will have a duty and responcibility to you to find out facts and provide answers to all of your questions. Buying a home is not an easy process and definatelly it does not become any easier to buy it from the bank! So, get yourself professional help and you will be on your way to a great start.

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.

Irina Bennett
Your Real Estate Connection!
(919) 868-1040
info@trianglehomeowner.com
http://www.Trianglehomeowner.com
0 votes Thank Flag Link Tue Dec 28, 2010
This home is a foreclosure and has been on the market over 3 months. I work with several investors and have helped them buy many foreclosed homes. We have bought some for a good percentage below asking price and some right around asking. How low the bank is willing to go is based on several factors, but it’s worth a shot to give them a low offer and see how they respond. I would be glad to view this property with you or answer any other questions you may have.

Tyler Grubbs
Broker, eCertified
Prudential York Simpson Underwood
919-280-7288
Tyler.Grubbs@pruysu.com
0 votes Thank Flag Link Tue Dec 28, 2010
Rainy,

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.
0 votes Thank Flag Link Tue Dec 28, 2010
Yes, I agree with the first response. You have to make an offer to see what the bank will accept. Take a look at http://www.foreclosurelaw.org. Click NC, and you can read all about the foreclosure process and what it means. Feel free to email or call me with any questions.

Have a great day!
Carrie Dove
919-637-3883
carriedove@kw.com
0 votes Thank Flag Link Tue Dec 28, 2010
You need contact a Buyers Agent represent you submit your sales offer to the listing agent. Linda who answered your question could be a great Realtor for you , YOU DON'T know what to offer till an agent previewed the home, completed comp's , determine what is fair for all parties for you obtain an executed contract.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Tue Dec 28, 2010
It is a foreclosed property which has been on the market for a little over 90 days. The only true way to know what it would sell for is to make an offer. Its l;ast recorded value was $131k.
0 votes Thank Flag Link Tue Dec 28, 2010
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