Home Buying in Sierra Madre>Question Details

Leo S, Real Estate Pro in Pasadena, CA

Looking to offer 25% of ask http://www.trulia.com/property/1054146406-390-Foothill-Ave-Sierra-Madre-CA-91024

Asked by Leo S, Pasadena, CA Sun Dec 21, 2008

Does anybody have any suggestions or comments about this property? I would appreciate any and all input.

It is an REO. I'll look into who the lender is and see how open they are to negotiating.

I'm not in love with it. It is one of the homes on my radar screen so if I don't get it for the price I want, c'est la vie, there are others out there and opportunities will present themselves. That's the beauty of not being in a rush.

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Answers

4
Good luck, i hope you get it. Pepare your offer well.
0 votes Thank Flag Link Fri Dec 26, 2008
Yes I meant 25% off the ask price. Actually the ask price dropped by 90k just in the past few days, which is great. I did see the property and there may be some issues with the house.

Looks like the bank really wants this one off their book.
0 votes Thank Flag Link Fri Dec 26, 2008
Leo i dont think you have a cheance if offering only 25% of their asking price, if you are thinking of deducting 25% from the asking price that would be more in line. So you know you are going about it the wrongf way, there is no magic percentage amount a bank builds intio the price and then deducts so you think you got a deal. each bank sets a time frame in how long they want to wait for the property to sell. usually 1-7 days, 30 days, 60 or 90 days. after each month they lower the price accordingly. they set the price by using todays market value less any repairs needed and deduct a percentage already from todays value depending on how quick they want to sell. in most cases a bank wanting to sell within 1-7 days takes 20% off of todays value, 10% for 30 and 5% off for 60% and at todays value for 90.


You need to deterimine what todays value is and base your offer on that, not what the bank is asking. good luck with your purchase.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sun Dec 21, 2008
25 % of asking price is $237,475 I would imagine you mean 25% less than asking price.
0 votes Thank Flag Link Sun Dec 21, 2008
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