Foreclosure in Maine>Question Details

Wendy Delcid, Home Buyer in Jackson - University...

what would be the #1 tip on bidding for a house?

Asked by Wendy Delcid, Jackson - University Area PD, Memphis, TN Fri Jan 4, 2013

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Answers

7
Hi, Do your research and study the sold comps for the immediate area. This will show the seller you made an educated offer.

Chris
0 votes Thank Flag Link Fri Jan 4, 2013
Hello Wendy,

Get a pre-approval.
Find out comparable sales for the area - visit similar homes offered for sale, to get the feel for
the price.
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,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
0 votes Thank Flag Link Fri Jan 4, 2013
Hi Wendy,

Working with a full time local and knowing as much about your target area market as possible are closely linked considerations that all buyers should value greatly.

Good luck,

Bill
0 votes Thank Flag Link Fri Jan 4, 2013
All that being said, the #1 tip is to find an agent to work with who know's what they are doing. Get a buyers' agent, or even an exclusive buyer's agent.
0 votes Thank Flag Link Fri Jan 4, 2013
Wendy, your question does not have enough information to answer the question effectively. "Bid" indicates a bank-owned or sheriff's sale or FHA. You don't typcially "bid" on a normal home, one that a "normal" seller is selling. What I mean is that, a "bid" type property normally implies a one-time shot, wehre the seller doesn't counter-offer. I know it sounds like semantics but the point is, in order to answer your questions one would need to know what kind of house you are considering purchasing.
0 votes Thank Flag Link Fri Jan 4, 2013
Wendy,
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?
Wholesaling?
-
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 FIRST
BE HIGHEST
BE CONTINGENCY FREE
-

Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
727.420.4041
http://RealEstateMadeEZ.us
0 votes Thank Flag Link Fri Jan 4, 2013
If your considering a bid on the courthouse steps for foreclosure property the best advice I can offer is don't do it. If you insist you better get an attorney to review the title work first to make certain you're not buying any unsatisfied liens.

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.
0 votes Thank Flag Link Fri Jan 4, 2013
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