Home Buying in Yucca Valley>Question Details

Suzan M Mars…, Home Buyer in Twentynine Palms, CA

If I make a better offer on a property on a forecloser sale shouldn't my offer be taken

Asked by Suzan M Marshall, Twentynine Palms, CA Mon May 13, 2013

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This question was asked from this property: http://=www.trulia.com/property/3118104526-56081-Drexel-Rd-Yucca-Va… target="_blank" rel="nofollow">http://www.trulia.com/property/3118104526-56081-Drexel-Rd-Yu…

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"Better" is a very subjective term. It's not only about the highest offer. It's typically about the highest offer PLUS THE largest abount of cash being put down.

Cash offers are favored because there is no need for the home to appraise and the timeline to close is usually faster. After that, buyers wiith 20% ore more are the next most desirable from the perspective of the bank.

It's not fair..but it is the way things work...
0 votes Thank Flag Link Mon May 13, 2013
The property you listed is not actually a foreclosure. It is currently owned by an individual, and appears to be still actively marketed for sale. He received (not purchased) the property in 2004, and sold it in 2008 for $50,000 to a couple using 'seller financing'. This means the buyers did not borrow money from a bank but made payments directly to the seller instead. It looks like they paid $12,500 down and borrowed the other $38,500 from him. In 2009 those buyers gave a 'deed in lieu of foreclosure' back to the seller, which means they gave up all rights in the property and essentially just gave it back to the previous owner to avoid a foreclosure. That individual is now listing it for sale at the $35,000.

Side note: considering this 'house' is inhabitable and you are essentially buying it for the land, you can get 5 acres in that area for around $10,000. If water, septic, etc are already on the property then that will increase the value of course.

Are you currently working with a local REALTOR? If not, I would be happy to research the property further, determine exactly what it has and provide you an analysis of the properties fair market value prior to putting in an offer. You can email me directly at Chris@ColdwellBankerBreenTeam.com

Hope this helped!
0 votes Thank Flag Link Mon May 13, 2013
Depends on where in the process the property is. If there is already an accepted offer in place with the bank (assuming a bank owns it and it is actually a bank owned home) then NO.
0 votes Thank Flag Link Mon May 13, 2013
Good evening Susan,

I would need your definition of a better offer to best answer your question. For example though you may have offered more in money but what was asked for in return? Did you ask for closing costs, termite repairs and or a home warranty? If so, you just decreased the net that a seller would have received if one or all of the examples were asked for. Additionally what type of financing are you using? Conventional? FHA? A seller may want to close a quickly as possible and might prefer a cash or conventional offer v an FHA.

I hope my responses answered your question. If I may be of further assistance, please give me a call.

Regards,

Jose Ixmay
0 votes Thank Flag Link Mon May 13, 2013
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