Foreclosure in 89130>Question Details

P.a. Camp, Both Buyer and Seller in 98632

if a house has been empty and on the market for many months. What is a safe amount to offer lower than the?

Asked by P.a. Camp, 98632 Mon Feb 16, 2009

banks asking price?

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I will strongly warn that even though a house has been empty for a long time, things can change on a dime. It is common in REO properties (foreclosures) and shortsales (pre foreclosures) that the listing agent will suddenly drop it drastically in an effort to obtain multiple offers.

The best (and only way in my opinion) to understand the best offering price is to have a local real estate agent (although not trying to sell you - we would love the opportunity) run a current competitive market analysis and tell you where the probable appraisal will wind up. This is a great way to find your probable sales price giving you the best offer possible without going too much under or over which might cause you to lose the bid right away.

I would stay clear of virtual website values such as google, realtor.com, trulia, and zillow (although I personally love the websites for other reasons) as their values are often skewed and lacking real information.

Hope this helps. If you feel like surfing the web, feel free to search the Las Vegas MLS in real time by using the link below or accessing the mls from our homepage at http://www.theballengroup.com
1 vote Thank Flag Link Mon Feb 16, 2009
PA,

It doesnt matter whether the house has been empty or occupied or on the market for long...what you have to look at the condition of the house and location and then compare the similar sold properties in that area to write the offer. Check what percentage the value is depricating on the market so that you can lower your price according to that from the current market price. Work with an agent to help you to write the best and strong offer for you...good luck!
1 vote Thank Flag Link Mon Feb 16, 2009
P.a. Camp, You've received some good advice. My 2 cents worth is I wanted to say that the "Check what percentage the value is depricating on the market so you can lower your price according to that from the current market price" advice from Blaison Samuel is to the point and sensible..

Good luck, Dunes
0 votes Thank Flag Link Mon Feb 16, 2009
Your buyer agent is person who can investigate the home determine what is potential winning bid for all parties. Banks are aware of a value of home, condition, and etc.

Low ball offers many have no response from lenders. Bank can hold onto home till sales offer their anticipated amount.

MANY forget banks have to pay expenses at closing:
Realtors fees, asset mgmt feets, closing costs, prep work, legal fees, clean up costs, securing property.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Mon Feb 16, 2009
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