Home Buying in 33461>Question Details

Virginia Bis…, Home Buyer in Lake Worth, FL

Factors to determine my offer on a property; I like the property and would like to purchase. Should I offer asking price or lower, and by how much?

Asked by Virginia Bishop, Lake Worth, FL Fri Jul 19, 2013

I found a home in Lake Worth that I really like, though it needs some work. It is a homepath listed home, bank owned from foreclosure. There are amenities listed for the property (such as a deck, hot tub, and shed) that do not actually exist on the property. On some sites that list estimated property values, the values range in price from $40/sqft to $54/sqft. It is currently listed at $48/sqft. It is next door to a drug rahab facility and it has some other abnormalities such as window A/C units (most surrounding properties have exclusively central A/C) and a septic system (most surrounding properties have a sewage system). This is all in addition to the other repairs that need doing.

I am currently working to arrange to have utilities turned on in order for an inspector to come and be sure everything is connected and working properly and to see if there are any other repairs that may be needed, other than those I can see.

I am a first time homebuyer.

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Answers

4
Have your REALTOR check values based on the recent sales in the area. Compare all of the pertinent features as you have described. Adjust value for conditions.

Your purchase price may depend on more factors than what I mentioned above. The days on market, the buyer interest in the home, the inventory level of homes in the area will all affect the purchase price.

Perform your due diligence and determine your offer price from there. Good luck!
1 vote Thank Flag Link Fri Jul 19, 2013
Dear Virginia

I would highly recommend to ask your Realtor to run the comps and give you the current market value. Bank owned properties are not always listed at the right values so it is important to have someone by your side who knows the area and can provide you with all the numbers.

Foreclosures are not always the easiest to purchase especially if this is your first time buying a home.

Talk to your Realtor about everything that is involved in purchasing a bank owned property to make sure you are aware of all the things you need to know to have a smooth transaction.

If you need any help feel free to contact me.

Regards,

Sandra Gold - Realtor
Keller Williams
561-860-3321
DestinationDreamHome@gmail.com
http://www.sandragold.kwrealty.com
0 votes Thank Flag Link Fri Jul 26, 2013
Virginia, - Homepath properties usually are not offered with much
room for negotiation. If the home you are interested in is priced
way below " comps" ,you just enumerated factors which would
limit a "turn-around" even with repairs.
Any values you are getting off websites are - " desk -top" estimates
assuming average condition and some consistancy with prevailing
area standards.
Any offer on a Homepath listing will have to submitted through
a registered agent. Value information and prospects for an
offer are best obtatined from this agent. There will be an
inspection contingency in any offer accepted. Any inspections
should come during this period. If you need further help
contact me directly. Best of success!

Bob Brubaker Highlight Realty Palm Beach County Fl, 561-876-6649
Web Reference: http://pbc-realcam.com
0 votes Thank Flag Link Sat Jul 20, 2013
I would not recommend sounding any money for inspections before you have an accepted offer. Since you have been inside, I'm guessing you have an agent who let you in. They should be able to give you some direction on price. Take into consideration the repairs and bid accordingly.
If you get your offer accepted, then you can perform formal inspection. Id the inspector finds something not readily observable you can ask for a price reduction, but the seller does not have to approve.

Good luck
0 votes Thank Flag Link Sat Jul 20, 2013
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