What is the price the home is worth to you? I get lots of multiple offers and once we do a market analysis to be sure we are in the market and my client is aware of market conditions I then say at what price would you feel you got wht you wanted and at what price would you say it was not worth it to me ..

Sonia,

There seems to be a common theme here in the answers: YOU NEED A REALTOR!!

Would you seriously consider investing $1 million in a property and seek advice on an open forum website? Your agent that you hire would use their expertise in researching what might be a reasonably accepted offer on that particular property with it's unique set of circumstances. You might want to consider using an agent who has actually negotiated with banks and/or who has experience on both sides of a foreclosure transaction (representing a bank). I closed 8 properties last month and 7 were my bank owned listings. I have a good understanding of what a bank might consider in an offer. There are formulas and trends that banks do follow when negotiating offers and I could help you determine this information of that would be of value to you. If not, good luck! But I sure hope you choose to hire a reputable, experienced agent to help you.

So far, great answers!

Sonia,

There is a lot that goes into an offer on any home (traditional resale as well as foreclosures). For example, I recently closed on a foreclosure in Midtown listed at $849,000 for $670,000 and it appraised for $1.1 million. This is an unusual circumstance, but does happen on occasion. With the house you are interested in, things to consider are the comparable sales in the neighborhood, the listing history of the home, and how aggressively priced the house is. All of these questions could be researched by your real estate agent.

Please let me know if you'd like more details.

Jolie Abreu, Realtor®
Keller Williams Realty Consultants
(678) 894-4409 Direct
(404) 704-0284 Fax
jolie@helpinghomes.net http://www.helpinghomes.net

I think we will need some help. It is a new house built in 2007 and foreclosed. we liked it very much if we can get good deal on it.

Well Sonia, that would depends on a couple of things. 1st, is there a lot of work that would be involved in either finishing it (if it was a New Construction) or fixing it back to being live-able if the previous owners left a mess? 2nd, Pulling the Comps in the area would be helpful, although with it being a foreclosure, it should be listed for less than the average Solds in the past 6 months I would be glad to do that for you and just see what we find.

It takes a little more research and experience to figure out what is the best price to ask...especially on a foreclosure. Also, know that the bank will normally take cash buyers more seriously (and believe it or not...there are some out there at that price point) rather than those who will have a financing contingency. That's why the bank is in the situation they're in to start with. So if you have a financing contingency, make your offer as strong as possible.

Let me know if I can assist you further.

Jodi Smith
Atlanta Real Estate Agent
Keller Williams Realty Consultants – Roswell, Georgia
678-763-6025
jodismith@kw.com
Tweet Me: http://twitter.com/JodiRSmith
http://positiverealestateprofessionals.com/jodismith/

Normally a bank will not even consider looking at an offer if it is more than 25 percent off the asking price. That said, though, each deal has its own personality and they could have already reduced the price so much they are not willing to go further. A realtor needs to do an analysis of the neighborhood to see how the price and house stand in comparison to comparable properties.

If you should need any further assistance please feel free to call on me.

David McEachern
Keller Williams Realty Chattahoochee North
404-406-0638 http://www.dmceachern.com