As Jeff said, the condition of the house has a lot to do with the value. What shape is the house in? Have you been inside?
We have sold bank owned properties where the price was pretty close to what the bank had it listed at. We have also sold properties where there was a multiple bid situation and the price was higher than asking. without knowing the particular property it is hard to comment.
Your best bet is to work with a realtor. the bank sells the property through a realtor and you should have one too to help you!
If I can be of help, let me know!
How do you know how much the Bank has in it, ($250,000)?
(If it has been 1 1/2 years, then public records should have this figure. I understand.)
How do you it Appraised at $442,000? and, When?
Appraisals are very time sensative, and very transaction specific.
I would question almost everything you said.
What you haven't said, is what the House is worth; you haven't gotten a recent CMA.
If $442 is valid, I would bet the farm that you won't get it for $225!!!
Lots of good advice. If you have not selected a Realtor, please let me know and I can help you make that selection for the area also. I am a top producer in the southern Maine area. It sounds like you are excited about a particular property. I can also check the status for you. Let's not wait! Banks tend to price slightly below the market value so they can move the property quickly and not hold on to it for very long.
You can reach me at: CJ Dubois-Cote, Prudential Prime Properties, 207-615-1663 or firstname.lastname@example.org.
It would be my pleasure to assist you.
Welcome to the home buying experience. You will find great benefit in having an experienced consultant by your side throughout the process. Attempting to solicit guidance from the internet, from strangers who DO NOT KNOW IN FULLNESS, YOUR SITUATION, GOALS, or VULNERABILITIES is not the best idea.
It should be strikingly clear you WILL NOT buy a home valued at $442,000 for $299,000. Doesn't that sound like it's "TOO GOOD TO BE TRUE!"
Your real estate consultant WILL be able to explain the sequence of steps that will take place and will be able to quote your response right now..."But it was listed at $299,000 and I made a FULL PRICE offer!"
Your consultant WILL be able to project what this home will countered to you at and what you must be prepared to REALLY pay as well as the strategy to reach the price point you are able to accept.
Then comes that 17 page addendum that you MUST sign that says the bank is responsible for NOTHING and you are liable for EVERYTHING. You will find having a consultant at your side to be incredibly important.
Now, call your agent and present your concerns to him/her. You don't want to proceed by collecting opinions from the internet.
Best of success to you
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
If you are serious, you need to call.
The condition of the home is of particular concern... how much work does it need? How's the roof, heating, electrical... is there any moisture or mold concerns? Appliances?
Working with a good realtor will help you as well as having a quality inspection after your offer has been accepted.