Grace, Other/Just Looking in Miami Beach, FL

i saw a home for $230,000 and would like to offer 160,000 because i saw homes costing that amount and was sold for about 160,000 . is it worth makin?

Asked by Grace, Miami Beach, FL Sun Jun 20, 2010

the offer

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10
Wenceslao Fernandez Jr’s answer
Whatever you do, Grace...unless you are a professional investor with extensive construction knowledge, make sure you see the property and have it professionally inspected. Also, make sure you are duly represented by professionals (Realtor, attorney and/or title agent). By all means...share your results. I'm curious how it went.

Making offers these days is no longer what it once was. It is definitely a buyer's market and you are in fact competing with aggressive buyers, many (many more than you might think), with cash to close.

This will affect your offer price if you find the property you want. Our coastal areas are much more stable in number of sales and pricing than other areas in our county due to demand for these properties. As advised below, and depending on whether this is a foreclosed home (REO), a short sale (pre-foreclosure) situation or an otherwise 'regular' sale, your pricing strategy will need to be more or less aggressive in each case.

Make sure you sit with a professional Realtor (remember though, not all real estate agents are Realtors - member of the National Association of Realtors who are allowed to use the term 'Realtor' and who must adhere to a strict Code of Ethics), for a consultation. The 30 minutes or one hour spent here could save you countless headaches, hours of searching and frustrations from offers turned down.

Luck, Is When Preparation Meets Opportunity

All the best and please share your results
Web Reference: http://BuyMiamiBeach.Info
0 votes Thank Flag Link Thu Jun 24, 2010
Hi Grace,

You never know until you try and it costs nothing to try. With the tools we have these days, takes me less than 30 minutes to write up an REO offer, print it, have you sign it, scan and submit.

Good luck.
1 vote Thank Flag Link Mon Jun 21, 2010
Grace-

Normandy Isle, especially is a very tricky neighborhood to evaluate, Normandy Shores, on the golf course will demand higher prices. The southern part of Normandy Isle, with the exception of Bay Dr. (Waterfront) is typically lower.

There are many small rental buildings and several condo conversions- that effect values as well.
1 vote Thank Flag Link Mon Jun 21, 2010
If it is an REO (Real Estate owned by the bank), not worth making offer. Most of the time on REO's people are overbidding not underbidding because usually it is at it's rock bottom price. If you want any additional info, feel free to email me at beachrealtors@yahoo.com Thank you.
0 votes Thank Flag Link Mon Jun 21, 2010
Grace, Work with a Realtor to get a good idea of how much similar properties are selling for. As it is, there are so many foreclosures and short sales that are bringing the prices down. Then be realistic.
Good Luck!

Genevieve Ramachandran
0 votes Thank Flag Link Mon Jun 21, 2010
Grace,

Your offer should be in line with comparable closed sales within the last six months. If you really want this property don't present an offer so low to insult the seller and have them such down negotiations. I'd recommend something along the lines of working with a Realtor have them perform a buyer CMA if the price does warrant a $160k offer price make an offer as close to the list price as possible add an appraisal contingency to the contract. If the house doesn't appraise at the contracted price but lower this will allow you to possibly renegotiate with seller to buy for lower appraised price. You can also check the property's value on my website listed below.
0 votes Thank Flag Link Sun Jun 20, 2010
You will only know when the offer is made if it was worth making or not. If it is accepted it was worthwhile, if not, maybe it was not.

Make an offer, the worst that will happen is you do not get the house.
0 votes Thank Flag Link Sun Jun 20, 2010
You can always make an offer and if its a short sale better u have a comparable !
0 votes Thank Flag Link Sun Jun 20, 2010
Grace-

There are a few things to consider.... Sure, go ahead and make your offer... Seem like a short-sale.... Don't be surprised if there are offers on the table - higher than $230'...... Every home- is unique in year built, S/F, features, condition and location.
0 votes Thank Flag Link Sun Jun 20, 2010
Hi Grace,

First, are you working with a Realtor who can assist you by pulling the comps in the area you are interested in? They can also tell you what is for sale and pending and other information. If you need a referral, please let me know and I can help you find a Realor to assist you.
Good luck.

Sincerely,

Carrie Roberts
Michael Saunders & Company
5100 Ocean Blvd
Sarasota, Fl 34242
941.539.3407
0 votes Thank Flag Link Sun Jun 20, 2010
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