Home Buying in North Port>Question Details

Cindy Lou, Home Buyer in 34293

I would like to buy a short sale house in north port, FL if listing price is $130,000-130,000?

Asked by Cindy Lou, 34293 Thu Jun 19, 2008

how low can my offer be if I want the bank to take me seriously? Also I would have the seller pay closing costs.
Any help would be GREAT THANKS

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Answers

9
Wait another year, save another 20%.
1 vote Thank Flag Link Thu Jun 26, 2008
Well typically the bank is looking for 80%. However I doubt you will get the closing cost paid. The seller is in a short sale situation, because they are in financial distress. It wouldn't be the seller paying the closing cost, it would be the bank.
With a short sale you are lucky if they agree to make any repairs if needed.
1 vote Thank Flag Link Thu Jun 19, 2008
Another way to get some idea of where the bank is on the property is go to the county comptroller website and pull up any outstanding mortgages and liens on the property. As a Realtor who represents many buyers making offers on potential short sale properties I always compile as much data as I can for my buyer before we put together a contract. It may not be as big of a factor but if they arent in too much of a negative equity position it may justify a lower offer than you would normally submit without going below the market value minus bank costs.

Sean Kelley GRI
Kelley Real Estate Group
http://www.KregHomes.com
Web Reference: http://www.kreghomes.com
0 votes Thank Flag Link Thu Oct 23, 2008
Cindy - look at the home at 2541 Shady Avenue (Corner of Shady and Bric kell) . It's close to the walmart and all of the other ammenities that North Port offers. It's only a couple of streets off US 41, and close to 75. It was built by Ron Walker - one of the finest in the area. Good quality workmanship. The carpet has been upgraded - the home is wonderfully decorated and very very clean. A privacy fence 'round back keeps puppies and kids safe. It's a short sale - so you have plenty to work with price-wise.

Good Luck
0 votes Thank Flag Link Thu Oct 23, 2008
Hi Cindy,

There are many things that go into this equation. We would need to look at the property and run compriable properties. The bank will send out their appraiser to appraise the property as well. We would also need to look at the loan and see what this person paid for the home. Each bank works differently and we have worked short sales with many of the banks so we would need to find out what bank we are working with. Have there been any offers on this home? If so, what was the outcome? Did the bank do an appraisal already? Has the homeowner written their hardship letter yet and gotten their short sale package to the bank? These are some of the questions that need to be asked of the listing agent. As you can see there are many, many questions that need to be answered in order to be successful in purchasing a short sale.

To answer your question on how low your offer could be-we would really need to see the home you are thinking of offering on to give you an accurate opinion.

We live and work in North Port and would be happy to help you with this.

Roxanne Moore, Realtor 941-626-3926
Shannon Moore, Realtor-941-276-8142
Re/Anchor Realty
North Port, FL
twomoores19@comcast.net
http://www.TropicalFloridaProperty.com
0 votes Thank Flag Link Sun Jun 29, 2008
Cindy,
Why wait when you can negotiate a deal right now that will save you between 10 and 20%. It's a matter of identifying the right property with a motivated seller.

The "Eckler Team"
0 votes Thank Flag Link Sun Jun 29, 2008
Hello Cindy,
I would be happy to help you with the short sales, give me a call and we can get started! As a matter of fact I was just conducting a search today on the short sales in North Port. I look forward to hearing from you.
Michele Hodges
Keller Williams Realty
941-928-8851
0 votes Thank Flag Link Fri Jun 20, 2008
List price means NOTHING. Have your agent run comparables and offer within 90-95% of what that comes up with. Banks aren't just giving houses away.
0 votes Thank Flag Link Fri Jun 20, 2008
Cindy,

There are a good number of opportunities in your location and price range. However, our recommendation is to skip targeting a "Short Sale" and go after a "Foreclosure" property. With foreclosures, the bank all ready has taken the property and has sole responsibility of determining the destiny of the property. Short sale can tale forever because of a number of reasons including multiple claims on the property, bankrupcy, divorce etc. And the property is still in the hands of the owner BUT and sale falling short of the financed amount would require bank approval......There are soooo many nightmareish stories about "Short Sales" our advice is to avoid them.

Feel free to contact us for our North Port "Froeclosure" property list and additional information. We would be happy to help you.

The "Eckler Team"
Century 21Almar And Associates
ecklerteam@comcast.net
941-408-5363
0 votes Thank Flag Link Fri Jun 20, 2008
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