Home Buying in Heber City>Question Details

Reggie, Home Buyer in California

Hi. We are looking at purchasing a home in Heber, Utah. We went out looking by ourselves and we noticed A TON

Asked by Reggie, California Mon Aug 11, 2008

of REO amd Bank Owned and depressed properties that a BRAND NEW. Mostly in the areas by the airport and the cemetary in the new developments. We saw 2800-3000sf homes in the 200-299 range. My question is, given the current housing situation and some of the homes we are looking at have been on the market for a year or better, could we offer say 200,000 on a 265,000 home and expect it to maybe get accepted? Is it unreasonable to take 50-60,000 off the asking price of a foreclosed home? Thanks very much!

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Todd Anderson’s answer

There are presently some very strong values in the Heber marketplace. There are non-distressed homes available for under $300K and many home sthat have seen their price drop by 25%. Bank owned and distressed properties can represent a value but can also come with some hidden costs. Finding the right time and price for in a neighborhood that has many distressed properties can take away from the value. It is impossible to know what offer will truly be accepted and each offer has to be looked at in its own merit, a low offer may not be out of line for one property while it may be for another. The strength of your offer also has to be considered; is it a cash offer with no contingencies, or is it based on financing and inspections? Also, keep in mind that what your neighbor does and is has a direct impact on the value of the property that you own. I am an agent that lives in the Heber area and would be more than happy to represent you in the buying process of a home here.

Todd Anderson
435 901 1417
1 vote Thank Flag Link Tue Aug 12, 2008
Reggie! Anything is possible. BUT!! That being said the country as a whole is on the upswing. I purchased for myself a (REO in Heber) and I am a local Heber Real Estate Agent.
I made a full price offer. The banks want to move their inventory of homes of the books but they seek buyers from across the country.

I closed as fast as I could because waiting would have cost me over $100.00 a month in payment.

The thing now is the interest rate! That can have as much of a impact on your payment as the sale price.

So waiting for the the lower price probably isn't a good idea in this market if you really want to buy.

Carolee Kingsford 435-503-4352
0 votes Thank Flag Link Wed Jul 10, 2013
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