Florida40,
I live & work in LOL and Grand Oaks is a very nice community! I looked up the home you mentioned and it is priced very well. It sounds to me like you are submitting offers that a way too low. The identical home on the same street sold on 03/20/08 for $189,000. So $157,000 looks pretty good. Also as you agent hopefully explained to you if you are asking for closing costs and/or downpayment assistance(which you should with FHA) this further reduces the price that the bank is actually getting. So what are you really offering? Go back to your agent and run the numbers. Believe me, if you make an offer that will meet or exceed the number they already know they need to hit-they will be all over it. The market is starting to pick up so don't mess around too long if you are really set on that house. Just my opinion. ;0)

Wed May 21 2008, 08:14

Hey,
Sounds like you would really benefit from the insight of a real estate professional. Many buyers incorrectly feel they can get a better deal if they "go it alone." An agents knowledge and expertise can not only save your money but you "neck."

Fri May 16 2008, 06:39

Bank owned properties arv sweet deals........ if, you have a Realtor with an insight, that can tell you how much the bank is under, and thereafter base the offer.
Banks are weird with their assets, especially when they're "just listed".
I've dealt with quite few and made it trough almost at 1st attempt most of the time.
did you place a "low ball" offer? do you have a Realtor? if you would, please check me out.... and give me a call 813-785-7529 as any good Italian I'll make them an offer they can't refuse.......... :)

Tue Apr 29 2008, 16:45

another viewpoint from a Realtor in Michigan. Find a agent who you work well with and form an agency relationship with that person. The agent will then be working for you and in your best interests. Sometimes there are better values out there from a seller as opposed to a bank owned property. so my advice is don't look exclusively at bank owned properties.

Tue Apr 29 2008, 12:34

Florida40:
I looked up the home you are interested in and it is still active on the market, it is bank owned and ready to sell. With this said it is my opinion either your offers for the home were unrealistic or you had too many contingencies in the offer. You can find lots of Realtor's in the area who would be more than willing to help you find the true value of this home and help you write an offer the bank will most likely accept. I have had many banks that own homes willing to pay closing and assist with a down payment. (A good lender can set you up with a FHA loan only 3% down payment is needed, if you qualify) You can ask the owner of the home to pay 3% for your closing cost and another 3% towards your down payment. Your out of pocket will be very little this way. This is not uncommon in today’s market. Remember if they do this you are getting the home for 6 % less than the purchase price. You can find many good Realtors who will help you for free, as the seller pays their fees. I would suggest you find one you can trust which is important to have a good relationship with your Realtor.
If I can be of further service feel free to contact me at your leisure. Good Luck I am sure you will find the perfect house to call home. Remember you can find a good bargain but you are very unlikely to find one for 50 cents on the dollar. ron@zemetres.com

Tue Apr 29 2008, 12:22

Three offers is not that many, step back and slow down, you are trying to get the most bang for your buck, you're not alone, so are the other buyers in the area. I know this answer is very simplistic, but it also an honest answer. No one has a magic formula for getting an offer accepted, but one important ingredient is perserverance. Stay in the game and don't give up..

Tue Apr 29 2008, 11:36

Yes, because you are not a professional you are not obtaining the correct information. How much below the asking price was your offer. If you have submitted 3 offers and none have been accepted than your offers are too low. Most people are under the impression that just because it is bank owned you can steal it . Not true. The bank has the home appraised before/during on the market and that is how they determine the price. Listening to the news makes the public think they can purchase 100,000 home for half the price, a real misconception. There is a price for every home. If your offer was reasonable and the bank would net what they needed you would own the home. :Your agent should be showing you comparables in the area so you and your agent TOGETHER can determine the best offer. Another thing you may not be aware of - some Bank owned properties are forwarded by fax and are only viewed once a week, they will take the best....very best offer....

Tue Apr 29 2008, 11:15

I agree with Kenya's advice. A Realtor is the best resource for getting a good home at a good price and understanding your market conditions. Good Luck.

Tue Apr 29 2008, 11:06

Dear Florida40,

Do not become discourage. One solution to your problem would be to find a "real estate expert" that serves the area you are trying to purchase the home in. That professional will have the resources, skills and experience to find out abou this home as well as offer you more insight to what you believe is an unfair price for that market. Additionally, a realtor can also assist in preparing a solid offer on your behalf.
I hope this helps!

Tue Apr 29 2008, 10:53

Some of the offers I have asked for closing cost (3 or 4 %). I have never asked for down payment assistance. I have about $8,000 saved but like most property virgins I don’t want to empty my bank account just to get into a house. I have an FHA loan so I have to pay the 3% down payment. My offers have been countered never out right refused in all three cases another offer came in and I couldn’t compete.

Tue Apr 29 2008, 10:27

Florida40,
Not sure where you would like to be in price, or what you consider the value to be on this home. Are you trying to get closing costs or downpayment assistance in your offers? Where have your offers been? have they been outright refused or have you received counters?
Mark
Mark

Tue Apr 29 2008, 10:06

Florida40,
Let me look at the property for you and get back to you on what I feel the market price should be. I'm an agent (and live) in land O Lakes. You can call me at 813-849-8554 or email me at Mark@Homes4UinTampa.com.
Mark

Tue Apr 29 2008, 09:37

I have a realtor. He tells me the offers I am submitting are great and acts surprised when they fall through. Maybe, I need a new realtor. It’s just frustrating to have money saved and my financing approved but I can find a house in today market.

Tue Apr 29 2008, 09:37

First of all, if you are not working with a Realtor, you should be. He/she can run the comps in the area to find out what it SHOULD be selling for and talks with the bank or listing agent to find out what is owed on the note. Sometimes a property is listed a little high for the area, but the balance of the note is what the bank wants. However, that being said, a Realtor can negotiate on your behalf which will benefit you in the long run.

Tue Apr 29 2008, 09:24

Although you may feel that a property is overpriced for the market, your real estate professional has a handle on what market conditions warrant and will suggest pricing with which to move forward. Remember, he wants to sell this property as much as you want to purchase it, so rely on his expertise in this matter.

Tue Apr 29 2008, 09:23

Florida40

What is your Realtor advising you to do when the offers fail? Does he/she think the offers are reasonable?

Tue Apr 29 2008, 09:19

Not necessarily, although the home is bank owned, they are receiving their pricing advise from an outside real estate professional. Between the time the advise comes in and your offer came in, the prices may have dropped. Ask your realtor if he/she could resubmit it. (maybe a couple of times). Also, please be realistic about your pricing. Although it may seem overpriced, your don't want to severely underprice your offer. Good Luck!

Tue Apr 29 2008, 09:15