Home Buying in Raymond>Question Details

Sue, Home Buyer in Raymond, NH

if i want to buy a bank-owned house in raymond, nh, how much can I offer to cut the listed price for a house around 240,000? 20,000?30,000?

Asked by Sue, Raymond, NH Thu Feb 18, 2010

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4
Hello Sue, if you are serious about making an offer make sure you have a pre-approval letter from a lender, and also compare the subject to similar homes that have recently sold in Raymond. This will give you an indication of the average selling price, then I say GO FOR IT! It never hurts to start low...but keep in mind your offer may be beat by another buyer.

I would be happy to assist you!

Patricia J. McLaughlin, Broker
PJMrealestate.com
0 votes Thank Flag Link Wed Mar 31, 2010
If you don't have an agent consider the services--you need to be aware of recently sold similar properties in the immediate area, factor in repairs--extensive or cosmetic--then make a determination as to a fair offer. How is the property priced--is it on target for today's market or slightly below--if so multiple bids could come into play. Keep in mind the bank is looking to get as much money back as possible--again, if you don't have an agent it's in your best interest to work with one who will look out for your pocket.
0 votes Thank Flag Link Sun Feb 21, 2010
Hi Sue- If you'd like to give me some more info, maybe offline, I can give you some more detailed advice on a potential offer price. You need to consider a number of things in regards to that exact property-

1. What is the mortgage amount on it.
2. Was there a 2nd mortgage on it.
3. True value, in its current shape/ condition
4. The name of the lender itself may have some relevance too.

I'd be happy to try to help. Thanks, and good luck,
Ken L.
0 votes Thank Flag Link Sun Feb 21, 2010
Sue there is no set amount that one should offer less than asking price. the key is to figure out what the property is worth in todays market and base your offer on that. You dont know if the house is priced at market value now, already below or way above. A good buyer broker can assist you at no charge to you. they can complete a broker price oppinion and guide you through the buying process, especially buying a bank owned owned home. if you need assistance please feel free to email me and i can assist you. Good luck with your purchase.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sat Feb 20, 2010
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