Home Buying in Jay>Question Details

flabeauty, Home Buyer in Wilton, ME

what would be good price to offer for a home in foreclosure. 3 br, 3b, still needs some finish work sits on 11 acres. current price is 129,900.

Asked by flabeauty, Wilton, ME Sat Nov 3, 2012

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Nathan Belcher’s answer
Without touring the home or having all of the specs and details on paper it would be foolish for anyone to give you a figure on what the home is worth. I would agree with one of the answers here that if the bank is asking 129900 then the home is probably worth close to that or more. The bank isn't trying to really make profit on the home just not lose their shirt on it. Be aware though that buying a foreclosure can take a long time till closing and in most cases the bank will want you to buy as is and not allow any inspection period.
0 votes Thank Flag Link Sat Nov 17, 2012
Just for your information. That house needs quite a bit of work. Have you looked at it? It needs a lot more than paint and carpet.
0 votes Thank Flag Link Fri Nov 9, 2012
Flabeauty,

I have located the property on MLS and would be happy to work with you. my email is renee@kingrealestate.com My office is in Farmington and also live in Wilton.

Look forward to hearing from you.

Renee
0 votes Thank Flag Link Sun Nov 4, 2012
Flabeauty,

Glad to hear about your recent interest's in purchasing a home, you should send me a quick e-mail with the MLS# of the property of interest. This way I'll be able to some sold comparable in that area, advise you on what a intelligent offer look's like, there are many way's we can negotiate a deal.

My e-mail is: ryanrich@masiello.com-e-mail's hooked up right to my cell so, I'll be able to get right back to you.

Thanks and I look forward to hearing from you!
0 votes Thank Flag Link Sat Nov 3, 2012
P.S.:
Shanna Roger is correct, buyer representation is is paid for by the seller. I'm a local broker as well right here in Maine, so feel free to reach out.
Flag Sat Nov 3, 2012
Hi flabeauty,

If you haven't hired a Realtor, do so. (The seller usually will pay their commission so it won't cost you anything). Have your Realtor do a Comparative Market Analysis (CMA) on the property using SOLD comps that have SOLD within the last 3-6 months. This will give you current market value - this is what you should base your offer on.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes Thank Flag Link Sat Nov 3, 2012
To offer you feedback based on your information would be pure "guess work." Generally banks have their properties priced pretty much where they want the offers to be.

You should take into consideration how long the property has been on the market and if there is interest from other buyers such as yourself. If a property has been on the market for a while the lender may be willing to accept lower offers but on the other hand if it is a desirable home, it's been on the market for only a short while, and you suspect other interest, you offer should be one that is higher than lower.....if you are serious about the property.

It may be time to form a relationship with a real estate professional, one that will be able to help you put together a plan that will help you be successful. With foreclosures and other things, "he who hesitates is lost."

Assuming, making a lower offer would be your best approach could be huge mistake....speak with a local agent!

Good luck,

Bill
0 votes Thank Flag Link Sat Nov 3, 2012
This is the time when you need to hire a realtor to give you a sound advice based on the comparables or value of similar sold homes in the neighborhood.

If you have not hired one yet, start by interviewing realtors in your area. Ask them how they can help and assist you in the process to serve your best interest.

Realtor's input, guidance and assistance are valuable in this long-term investment and important pursuit.

Best of Luck
0 votes Thank Flag Link Sat Nov 3, 2012
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