Best of luck.
Consider estate and guardianship sales as another silo of properties to explore. We have seen better deals with quicker close times than some REO and short sale transactions.
Bonnie Chernin and David Rogoff
Fillmore Real Estate Branch #19
2926 Avenue J
Brooklyn NY 11210
917-593-4068 (Davidâ€™s Cell)
646-318-5031 (Bonnieâ€™s Cell)
I also have 2 REO properties in Crown Heights, contact me if you want to check them out .
And they have to get multiple offers.
The list price is merely a starting point and it truly depends on what pricing strategy the listing broker uses and what his REO asset manager has directed him to do,.
Your realtor, on the other hand, should be well-versed with REO sales, market conditions, and also get as much information as he can on this foreclosed property (when it foreclosed, for how much, what its current value would be in a distressed market).
Don't go by what the listing broker's list price: sometimes, the listing agent may price the property artificially low to generate the most interest, or artificially high expecting that buyers wil submit low-ball offers.
Your best bet is to get your own representation --- an agent who is looking out for your best interests. And if you don't get this property at the price you're willing to pay, your agent can surely find other possibilities.
We're fairly certain that your fine and that the Broker is being honest and straight forward. An appraisel will determine this with certainty. We only suggest the other Agent because you seem to be worried enough to ask this question. Again we feel all is fine and that prehaps you just need alittle reassuring that it is.
A foreclosure has already had whats called a BPO so the bank knows the fair price of this property. What the Broker thinks it will sell for and most likely some prelimary inspections has also been done.
We hope this helps.
All the Best
Dave & Lisa
It is not up to the broker to make the assessment, it is up to you. You need to do research and look at similar homes that have sold in the area during the past six months and also similar homes that are currently for sale. Once you do that you will have a better understanding of where the market values are at and feel more confident that you are getting a good deal.
Beauty is in the eyes of the beholder and everyone is entitled to their opinion. You can go on web sites like http://www.Trulia.com, http://www.Zillow.com and http://www.PropertyShark.com to do the research. You should also have a good attorney helping you out! If I can be of further assistance please let me know. Good luck!
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
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