Home Buying in Manville>Question Details

Katie, Home Buyer in New York, NY

A house is completely bank owned. How do we find out what is reasonable to ask?

Asked by Katie, New York, NY Mon Oct 27, 2008

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Scott Godzyk’s answer
There is no set amount or specific percentage to deduct from a REO property. Your best bet is to have a buyer broker that can assist you and guide you through your purchase. In mosts cases a buyer broker doesnt cost you anything as they get paid at closing by the listing broker. They can tell you what each property is worth to assist you in making a good offer. as well your offer should include a pre approval letter, you should do any inspections prior to bidding as the sale is as is and the bank will not renegotiate after they agree on a price. Do not ask the bank to do fix anything and be ready to close in 30 days. Good Luck with your purchase.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Wed Oct 29, 2008
It doesnt matter if the home is bank owned or not. The value of the place does not depend upon the seller or what they paid for it. Value is market driven. Yes motivation to sell comes into play but that is true for all homes. Banks are certainly motivated but even they wont sell for terms worse than they have to. Just make certain you get a good inspection, attorney and agent . To really know what to offer it is best to know the complete story as to condition, location, market and terms.
0 votes Thank Flag Link Wed Oct 29, 2008
Hi Katie!

I do a lot of business in Manville. I assume you are asking what you should offer for the home? One of the most important factors in Manville is whether or not the home you are interested in is located in a flood zone. Many, many homes in Manville are in flood zones. Up until about 2 months ago, the MLS print out had the flood zone indicated by a "yes" or "no". Our MLS has since decided to take this information off our listing sheets. You would need this info before even looking at comparables for the property, as homes in the flood zone sell for much less than those not in the flood zone. Feel fee to contact me at: denisecanellolson@remax.net. If you give me the address I can find out the flood status for you.
0 votes Thank Flag Link Mon Oct 27, 2008
You have to work with an experienced Realtor that knows the area. Then, your agent should be able to pull the sold properties in the last 90 days. (that's as far back as appraisors in our area are going because of the shifting market) Make sure you have your financing in order....Pre approvals only. In this market, especially going into the holidays and, for the Chicago area, the winter months, start low. You can always go up. Lenders in our area don't want to be servicing properties in the winter months with heating and snow removal. Also, be ready for a quick closing!
0 votes Thank Flag Link Mon Oct 27, 2008
Katie,
Your best bet is to use the same information the bank is using to determine what is a "fair" selling price. They are monitoring the sale prices of recently sold similar properties in your general location.

So, contact a real estate professiional and request their assistance by putting together the comps for sold property that is simialr to your target home. This will give you an idea of the range you need to be in to have your offer accepted.

Good luck,
The "Eckler Team"
0 votes Thank Flag Link Mon Oct 27, 2008
Work with you buyers agent who can do investigation work on your behalf determine what is your best advantage. If there equity you could be involved with bidding war over the property. Anticipate drama with any successful bid you submit. http://www.lynn911.com http://www.homes-for-sale-dallas.com
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Mon Oct 27, 2008
Basically, the agreed price would be the price that the seller would sell the home for and the buyer would be willing to pay to buy it. You'd need to ask your real estate agent to run comparable market analysis of similar homes in the area to find out what are the normal prices of similar homes in the area. Based on this, you would then need to determine what you would be willing to pay for this home. It is difficult to determine what the bank would accept as an offer. You need to determine how much you can afford and how badly you want the home.
On the other hand, you can always ask the bank what is the minimum amount of money they would accept for the property. :-)
Web Reference: http://www.i-teamhomes.com
0 votes Thank Flag Link Mon Oct 27, 2008
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