Foreclosure in Lehigh Acres>Question Details

 Tony, Real Estate Pro in Lehigh Acres, FL

I offer full cash paying for the house 5% less than the listing price. Am I paying too much?

Asked by Tony, Lehigh Acres, FL Thu Jul 29, 2010

I have a mixed feeling right now. Happy because bank accepts my offer; worried because I may pay too much for the house that needs an A/C and appliances. The shingles roof is 18yrs old. The house is Lehigh Acres 33936. It is centrally located closed to everything. Many thanks in advance.

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15
You left out one little detail: How much is the house worth?

It doesn't matter whether you offered 5% less than the listing price, 5% more, or some other number. You can't start with the listing price in determining what the value is. You may have drastically overpaid, or you may have gotten a very good deal.

When your Realtor ran the comps, what did those numbers show?

You establish the value of the property through comps--either a CMA done by a Realtor or an appraisal done by an appraiser. The listing price has nothing to do with value.

Hope that helps.
1 vote Thank Flag Link Thu Jul 29, 2010
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
Contact
Thanks for coming back and thanking everyone, Toni. Best of luck to you!!!
Jim Ryan, Home Savings of America. 703 591 5626 ext 419.
0 votes Thank Flag Link Sat Jul 31, 2010
thank you for your all feed backs. You're greate.
One disadvantage for being out of state; I could not see the house before I made the offer but I was able see it from google. I was able to see what kind of neighborhood the house located and most of all I rely on my local agent.
I had few offers for few foreclosure properties in Lehigh without any success. Bank sell properties is normally go fast especially the good one; less fixing; desirable neighborhood. So I also believe that bank sell properties are priority for primary home owner; they can get much cheaper than list price. Ex: one of the bank sell in March 2010; the listing price is only 34K for 3/2/1 newer home; I offered 38K cash; bank did not sell me but they sold to a primary home owner for 34K. Anyway because making money is not easy for; therefore, I may worry too much. I knocked down 2K from 42K (list price) I hope this will end the debate and clear everything out. Thank you all.
0 votes Thank Flag Link Fri Jul 30, 2010
For god's sake, does anyone ever look at the previous posts? Look at the profile for Toni and see his 3 questions. Then offer your comments.
0 votes Thank Flag Link Fri Jul 30, 2010
That's the worst way to make an offer.

Look around at what's available and compare to what you are making the offer on.

Buyer's remorse - maybe I overpaid.

I always tell people - you can always go up in your offer.

It all depends on how much you like the home and reason you are buying it - live in or investment.

And it depends how long the home has been on the market and host of other factors - like how much work does it need etc.

Good luck,
Web Reference: http://www.rentlaw.com
0 votes Thank Flag Link Fri Jul 30, 2010
It appears you had several questions on the same property. You had a dual agency situation. You dealt with the seller's agent only. You did not look at the property, buying it blindly. My friend, you need an attorney before it's too late. You may be OK but too many red flags to be comfortable. Obviously, all of us on this web thread can be quick to give advice. Maybe too quick. Be careful. "Buyer Beware" applies to real estate. Keep your cash purchase price in your pocket until you are sure you cna get clear title, can see the lot lines and are they are not infringed upon. Have you seen the property yet?
0 votes Thank Flag Link Fri Jul 30, 2010
Very unusual to buy a house withour seeing first, as you said. I must say, you must really trust your agent. Sounds like it might be a bank owned property so list price is usually fair market or below. If a short sale, LP could be correct or not. You will have your attorney to protect your interests, who will run the title and determine clear title, obtain a survey to determine lot lines. Be careful.
0 votes Thank Flag Link Fri Jul 30, 2010
Don Tepper, your first responder, has again hit the nail on the head. Toni, if this is a done deal, no sense looking back now. Move forward, think positively, and be happy!
Jim Ryan, Home Savings of America, 703 591 5626 ext 419.
0 votes Thank Flag Link Fri Jul 30, 2010
thank you for your time and contribution.
My agent is called me that I pay the right price for the house 3/2/2. The street is pave and it is concrete, block and stucco home. it has central water and sewer. Though I need put in about 5K extra more for the A/C cosmetic works in and around the house but the best thing is it is in a nice neighborhood, small community. . So I am not worried any more and I will go head to buy this house.
This is an excellent site and will recommend to all.
by the way hard work will be paid at last.
thanks all. God bless
0 votes Thank Flag Link Thu Jul 29, 2010
Hi Toni,

You have probably anticipated this for a little while, knowing your budget and the types of homes you have seen for the same price. If your buyers agent is working in your best interest then they should have comparisons to show you that have sold in the same vacinity as this home. The important things to look out for are that the home is not sitting on cinder blocks and has a good foundation and is a concret block home. Also, that the home is on a paved road. The concerns I would have with the age is not just the roof but is with the septic tank and well system. Keep in mind that a home inspection will be able to uncover most issues but wont be able to see into the septic system, that should be a separate inspection for you to do within your 7-10 day inspection window.

Good luck to you Toni. Next time you buy you may want to find a realtor you trust and that will keep your best interest at heart by checking out all of these concerns you have a head of time. It is a shame that you are down to the wire and have had to go outside of that circle of trust a buyer and their agent develops prior to the purchase.

However, with that being said your post will help other buyers with the buying process. Happy to help you.

Sarah Garrett, Realtor
Alliance Realty Group
"Chosen Best in Client Satisfaction 2006-2010" by Gulfshore Life Magazine
sarahgarrett@argfl.com
239-464-8620 Cell

SW Florida MLS access
0 votes Thank Flag Link Thu Jul 29, 2010
Sorry....I read below that it is 42k but it would all depend on the area comps. 42k! crazy......does it have wheels and an engine?

In al seriousness.....that best thing to do is have your buyers agent run you a CMA on the property to give you the closest value #. After looking at that you should have an idea of the market price.


jessemcgreevy@gmail.com
239-898-5329
0 votes Thank Flag Link Thu Jul 29, 2010
No way for me to know.....however there is no percentage. Throw that way of thinking out the window. Some of the properties that hit the market are underpriced and therefore sell for more than asking.


jessemcgreevy@gmail.com
239-898-5329
0 votes Thank Flag Link Thu Jul 29, 2010
Tony you can and should never base your offer on as asking price, you need to assess what the house is worth in todays market in its current condition and base your offer on that. Without knowing if teh house is already listed at market value, above market value or already below market value, you can not use any perecentage to base yoru offer on. A buyer broker can easily get this value for you or you can do a little homework if you are buyng on your own.

Good luck with your purchase
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Thu Jul 29, 2010
Thank you for your quick response. The listing price of this house is $42,000. Again I am very nervous because I have never seen the house nor seeing the pictures from the inside of the house. The listing agent just told me the A/C and appliances are missing.
thank you
0 votes Thank Flag Link Thu Jul 29, 2010
Tony I have buyers that right now in contract at 97% of list on a home. Interior is great, 18 year old furnace A/C and roof. Huge back yard and a couple of bedrooms to paint. By the way the home is priced 20K less than others in the neighborhood and the kitchen is upgraded to a higher standard than most in the area. They are so excited.
0 votes Thank Flag Link Thu Jul 29, 2010
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