Get a pre-approval.
Find out comparable sales for the area - visit similar homes offered for sale, to get the feel for
Get a great local full time agent.
Find out the scoop on the seller/transaction, if possible (sometimes it is - agents are people, and they talk). This is to see if you have competition.
If you love the property, and intend to live in it - negotiate, but remember that you don't want to
negotiate too long...
If you are buying an investment property - negotiate your best, but if you can't get it for the price you want - then find another property with a more agreeable seller.
Hope this helps,
Beachfront Realty, Inc.
This is SOLELY dependent on your purchase objectives.
Are you to live in the house?
What is your purchase time frame?
Will you be financing this purchase via VA or FHA?
How much down payment?
Will you be renting the house? (investment)
Are you planning to flip?
Do you have the resources or skill to do the repairs and updates?
Are you intending to rebuild?
Not knowing the answer to these questions, l can only provide the formula for NEVER buying a house.
1. Obtain tax assessed value from public records.
2. Determine what owner previously paid. (public records)
3. Get the Zillow guess or Trulia value or Bank of America's evaluation.
4. Which ever is less, subtract 40% of the value.
5. From this number, deduct any costs for making this home 'show room' perfect.
6. Add a pile of contingencies such as inspection, financing and best of all, "Must Sell" and you got the perfect formula to be a lifelong home hunter.
Unfortunately, many folks paid those 'late night infomercial' folks their hard earned money to become lifetime home hunters. If your strategy resembles the above, you really need to evaluate this plan.
Add a few parameters to your question and the potential for meaningful responses from which you can take action becomes much greater. Otherwise you are left with:
BE CONTINGENCY FREE
Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
If you're talking about bidding on an internet website for a foreclosure I hope you've thoroughly investigated the property first. Here's the truth Foreclosures are rarely the deal buyers believe them to be. I'm a full time licensed Broker, I've bought renovated, flipped homes over a 35 year period. I've never bought a foreclosure though I help buyers 10-12 times a year buys such properties. I've not bought any because unlike them I;m realistic on what it will actually take to restore/improve the property and there's not enough reward for the risk 99% of the time.
I've attached a link below that I strongly encourage you to check out before you start spending your hard earned money.
Best of luck to you and I hope 2013 is a great year for you.