Ella Encanta…, Home Buyer in Brownsville, TX

We are looking a short sale home. I learned that a house very similar to this sold for an astounding small amount of money about 7 months ago. The

Asked by Ella Encantada, Brownsville, TX Sat Jan 23, 2010

property we like is listed at twice the money. Can we offer around the same amount of the sold house and not insult the bank/owners?

Help the community by answering this question:

Answers

5
Other responses on this topic are good advice, but I'm concerned that the home you are comparing to may simply be a home that someone purchased at a foreclosure auction and those are 100% cash transactions and typically below market value. If you are using the county records to verify a sales price, you may only have half the story. As a Realtor actually in the city that this home is located in, I can tell you that our inventory is low and homes are selling at market value (sold comps from last 6 months). You will have some competition with other buyers for most homes in West Sacramento, so "low-ball" offers don't have much hope of ever being considered, because there are other buyers willing to pay market value.

If you forward property info to me, I'd be happy to do some more specific research for you so you can make a more informed decision on this property.
0 votes Thank Flag Link Sun Jan 24, 2010
To answer your question. Yes you can make the offer. But,,,,, first it has to be signed by the Seller. Then it would be presented to there Bank. Some buyers feel that any Short Sale offer has to be presented to the Bank for approval. My point is you might insult the home owner who currently lives there. I would suggest this.
Very Simple... Have your Realtor (If you need one I will Send you a recommendation at no cost) submit the offer asking the Seller's Realtor if it would be OK to negotiate the final price of the home with the Bank.
This way you don't get counter offers by the Seller and then you still have to negotiate with the Bank.

Good Luck!
William Squires Coldwell Banker Primus
http://www.ShortSaleRealtorIL.com
0 votes Thank Flag Link Sun Jan 24, 2010
Make sure you have a buyers agent to represent you that understands the short sale process. A short sale is more than just buying a property. Of course you have to negotiate a accepted offer by you and the seller. But then the bank needs to approve the transaction. The bank will get an a appraisal and compare that to what they think it would sell as a REO. At the same time (hopefully) the bank needs to review the application to be approved for consideration for a short sale where the bank will take the loss. This second piece in a short sale is almost more important than the first.

The transactions take a lot of time and depending on lender it can very short , very long or you may never get a answer until it is too late.

So in short you can offer what ever you want but if it does not meet the banks criteria it will not pass the first phase of the process. It is best to have your buyers agent to complete a price opinon to make your offer more likely to pass the first phase.

Good Luck

Keith Manson
First Weber Group
Certified Distressed Property Expert
Metro Milwaukee


http://milwaukeebailout.com
0 votes Thank Flag Link Sun Jan 24, 2010
Each home stands alone most appraisers ONLY comp past 6 months of sales in given area.

Although homes are very similar to one another different lenders, different conditions, many other factors are involved.

You can place any offer you like however would you be "wasting your time" or best purchase a home you like.

Work with your buyers agent and their recommendation.
0 votes Thank Flag Link Sat Jan 23, 2010
Your agent should be able to provide you a list of comparable homes that have been recently sold. This should give you a good idea of what to offer on the home. Your agent also will be able to offer explanations as to the large price differential in the two properties. Best of Luck!
0 votes Thank Flag Link Sat Jan 23, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer