Foreclosure in 34638>Question Details

Pf, Home Buyer in 34638

Regarding REO properties in Land O Lakes how low can I go on the offer price below ask. What is considered reasonable?

Asked by Pf, 34638 Tue Aug 17, 2010

Am ready to place offer on a REO home. Currently reside in California and family in Tampa area. Not living in the area I do not know what would be a reasonable offer the the bank would consider. Please advise if anyone has some "rule of thumb" answers. Thank you for your input!

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There is no rule of thumb answer as banks have different ways of having the listing agent price the homes. Some price the home very low to get multiple offers and if you do not offer at least the listing price you will lose out. Some go for quite a bit more than the offer price.

Other banks start the home at market price, then every certain number of days lower the price until it is sold. The best way to make your offer is based on the CMA of the Realtor you are using.

Jeff Launiere, CDPE
1 vote Thank Flag Link Tue Aug 17, 2010
Here is a list of REO Sold Properties in Land O Lakes since Jan 1st 2010, you will see that many sell at or above asking price:…

You're welcome to sign up for ListingBook on my website and you will be able to see active, pending and sold properties in the area you are considering.

Hope this helps you.

All my best,
Alma Rose Kee, PA
Future Home Realty
0 votes Thank Flag Link Tue Aug 17, 2010
Dear Pf,

Your Realtor will be able to give you recent sales of similar homes and also give you crucial details about any Community Development District Taxes and HOA fees and required Club membership fees. These are often incorrect or incomplete on Bank Owned listings. It can up to thousands of extra dollars per year. Depending on the amenities, it may be worth the expense but you need to be fully informed up front.

If you're not yet working with a Realtor, you may want to find a Realtor to assist you. Oftentimes the bank's listing agent may not be able to do the necessary research for you to make a well informed decision. By the time the listing agent gets back to you on your questions, the Asset Manager for the lender may have already accepted an offer submitted by another buyer who is working with a Realtor.

Also with many of the newer homes in Land O Lakes you have to be aware of possible Chinese Drywall problems. A home with that issue is probably not a bargain -- unless full repair costs, wiring, drywall removal etc are included and you have the financial resources to make those changes "after" closing. Most REOs will not agree to make any repairs.

The best deals go under contract VERY quickly. I would be happy to help you.

Hope this helps.

All my best,
Alma Rose Kee, PA
0 votes Thank Flag Link Tue Aug 17, 2010
Jeff is close to your target area, maybe you can use him - or maybe he knows a good REALTOR in the Area- I do not.
0 votes Thank Flag Link Tue Aug 17, 2010
Hi Pt--If you aren't already working with a realtor, call one and ask if they can run a comparative market analysis for you. This will show you what properties in that neighborhood are selling for and what is reasonable--use that as your guide. Sometimes the prices on REO are already in line with the market, so the offer should be close to that or the bank will turn it down--they have already done their homework and know what the market is saying.

Myke Triebold GRI, LMC
Web Reference:
0 votes Thank Flag Link Tue Aug 17, 2010
What you need is a local agent who can view the property and let you know what like homes have sold for in past 3 to 6 months.

I am not one. to far East
0 votes Thank Flag Link Tue Aug 17, 2010
You need to offer at near or a little above MARKET- list price something someone dreams up - what you need to do is be near current market price.
0 votes Thank Flag Link Tue Aug 17, 2010
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