Home Buying in 48224>Question Details

Tpenny, Home Buyer in 48224

do you believe i can purchased a property on e outer drive for 25k if the property is listed at 17k?

Asked by Tpenny, 48224 Tue Feb 21, 2012

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5
Sheila Abrams-James’ answer
You can definitely pay 25k for a home listed at 17k on e outer drive and many other streets in Detroit if you are paying cash! Is the home bank-owned or HUD? If it is a HUD home, then more than likely it is priced at the appraised value. If you are obtaining a mortgage then you would not be able to bid over 17k , unless you are willing to make up the difference in cash! I would not consider it "overpaying" if the home meets your needs in terms of amenities and area. Many of these homes sold for 3,4,5 times what they are selling for currently. For further discussion, you can contact me.

Sincerely,

Sheila Abrams
A I Realty
313.535.7711-Office
shelala2@airealty.net
0 votes Thank Flag Link Wed Feb 22, 2012
why would you offer more than listed. Unless the property is in great shape and in a great area offer list.
0 votes Thank Flag Link Sat Oct 20, 2012
Depends.

How much is the property worth?

Sometimes properties will be listed at unreasonably low prices just to get bids. I don't know about the area you're referring to, but maybe it's a "teaser" price designed to attract multiple bids.

On the other hand, if the property is only worth $17,000, why would you overbid by so much? As the others have noted, if you're planning on financing, it'll have to appraise for what you're paying. That's not a problem if you're paying cash . . . but then you may be throwing away $8,000.
0 votes Thank Flag Link Tue Feb 21, 2012
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
Hello,

The answer depends on a lot of different factors. If you are paying Cash, then for sure yes. If you are financing the offer, then the comps have to be favorable, other properties around there have to be worth as much as you are financing.

A lot of properties on the market today have bids higher than asking because many people want to secure the property and are willing to "overpay".

If you want to post the address I can give you a more educated answer. My contact information is below.

Sincerely,

HAIG
Elias Realty
(248) 379-6547
realtorhaig@aol.com
0 votes Thank Flag Link Tue Feb 21, 2012
Are you paying cash? If not, will the house appraise at 25K? You would need to know the area comparable sales to determine the value. Are you working with an agent? I would advise you to work with a buyer's agent who can assist you with the details.

Good Luck,

Karen Paytas, GRI, CMS
Realtor
Real Living Kee Realty
586-709-8465
kpaytas@mirealsource.com
0 votes Thank Flag Link Tue Feb 21, 2012
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