Dom,

Ask your agent to provide you with information on the recently sold comps in this location. This should shed some light on where your offer should be.

Good luck

Find out the comparable prices in 2000 - 2001. Offer that price valid for 7 days max. Longer they wait lower the price.

They have a problem which can only be solved by selling the properties. They can afford to write off billion dollars, keep their jobs and even get a multimillion dollar bonus for doing it. You and me can not. So do not overpay.

Get the help of a professional Buyer's Broker. It costs you nothing and you are bound to save thousands. We know the area and have invested a substantial sum to maintain expertise that few others have. Our heritage is from the Management Consulting arena where performance and delivered results were the determining factors on our success.

Dom,
The most important thing to remember is "It's a Buyer's market". The bank has no emotions, they have a number in mind and you have to find out what that number is. If it is a number you can live with, go for it if not move onto the next condo.
Bill

Hi Dom

What you have to realize is that your bid should have nothing to do with the asking price. The asking price could be artificially inflated. Get a real agent in the area and ask them what has sold there in the past few months. Ask them how many similar units are up for sale in the area and try to understand the motivation of the seller. In this case, it is a bank and you RE agent should be able to get you some info on how much the bank is going to lose on that property. Try to find out the carrying costs of the property (maintenance, insurance, taxes,...) and go for it. Remember that all they can do is to accept, reject or counteroffer. You can always come up with something higher if they don't bite. That's the name of the game.

Good luck

Hello Pennsylvania Dom,

Give me more details on the unit and I will provide you with the information to make an informed decision!
NO Kidding!

Keep in mind anything that is priced right will not be available by the time you respond. .Sorry! But then you may have 30 days! Joyce@JoyceBryan.com

Hi Dom.
The other agents are right, offer depends on what other properties in the building are selling for. Also, some banks are more reasonable than others for a variety of reasons.

To me, the amount of an initial offer most often depends on your motivation for a particular property. Are there other similar properties that you may be interested in?? Have you determined if the condo building is strong financially? How would you feel if someone else put through a successful offer on the property while you were trying to negotiate a deal that worked for you?

In real estate, values are truly determined by what someone is willing to pay for any one particular property at any one particular time.

As an aside, I looked on trulia and I looked in the Daytona Beach Multiple Listing Service and could not find a condo listed for 409,000. Perhaps there has been a price drop that you are not yet aware of??? Buyers do well to start their searching over the internet, but working with a realtor assures you all of the most up to date information on properties currently on the market.

I would be happy to help you in anyway that you may need. Please do not hesitate to contact me.
Good luck,
Kandi Schromm
Beach & Luxury Realty
386-852-9174
Kandices@cfl.rr.com http://www.everythingdaytonabeach.com

Hi Dom,

It's very difficult putting a number on a place with only a partial understanding of the situation. There is square footage, amenities, proximity to the beach, view, etc. etc. etc.

You also need a clear understanding of what the recent comparison properties have sold for in the past six months. Our recommendation is to first identify this information. Once you have this understanding it will be easier to identify where you need to be with an offer.

The bank will be looking at the same information when considering what offer to accept. It will serve you well to have current and accurate information on which to base your offer. A real estate professional from the area should be able to give you the insight you require.

Good luck,

the "Eckler Team"

Hello Dom,

I hope you weather is better than ours has been!!

If you would like a market comparison, give me a call. I can look up properties in that size, location and price range to see if the bank has listed it below market value or not. Usually, banks do put them on the market for about what they would accecpt.

If you would like help on this call or email me.

Wendy Patton
Keller Williams Advantage Realty
407-977-7600
wendypattonrealty.com

Hi Dom,

I specialize in the greater Daytona Beach area and I can tell you that the offer price would be reflective of several differenct factors, including, but not limited to: the specific condo development, the bank that owns the property, the condition, size and direction of the unit, how long the bank has been holding the unit along with what other, comparable REO properties have sold for. I would be happy to discuss this in detail with you (386-871-3185) or you can email me directly with any other questions you may have (RealtorCaryn@aol.com). Feel free to visit my web site and search other properties in the area - http://www.CarynCares.com. If you are already working with an agent, they should be able to answer these questions for you. Good luck. Caryn

Hi Dom:

What are other condos selling for in the same complex? Is the property in need of any major repairs? Typically, banks are pricing their properties well below market in order to sell them quickly, but that also means that sometimes there are multiple offers and the condo could sell for over list price. Ask your realtor to provide the latest comparable sold properties for this condo and make an agressive offer accordingly. If you are not working with an agent, I'd be happy to assist. Feel free to go to my website and you can search for foreclosure properties.

Good Luck with your offer.

Kathy Phillips
Coldwell Banker Residential Real Estate
407-461-5041
http://www.FloridaMoves.com/Kathryn.Phillips