Barbara Easton-Irvin, Atlantic Properties International
We have 3 types of properties for sale:
1) A Regular sale where an owner has equity (few of these nowadays)
2) A bank owned (REO) that is normally underpriced to attract Multiple Offers and may sell above the asking price
3) Pre-Foreclosure Short Sale... An owner owes more than they can sell it for and must get permission from the underlying lenders and lienholders to allow a sale below what is owed.
So on a Short Sale, even if the Seller agrees to "try" your $200k offer, the underlying lender(s) will do their own appraisal and if the house is worth $300k you will not be able to buy it for $200k... $275k maybe.
Good luck and your Realtor can help you decide if $200k is a good deal, you may be offering too much!
All the best,
Alma Kee http://www.SoldOnTampa.com
Understand that the LISTING PRICE has one primary objective, to attract attention: It is not intended to be set in stone, and in many cases it is not even a good guideline toward the SELLING PRICE.
Some Sellers believe that by setting the LISTING PRICE high, they can always come down, and people will make an offer anyway: WRONG! Buyers will just bypass the property and look at houses that are within their price range. And six months from now, the Seller will slowly start lowering the PRICE, (this is called “chasing the curve”) and Buyers will be asking the question; “What’s wrong with that house?” and “Why has it been on the Market so long?”
Other Sellers set the LISTING PRICE low, to attract multiple offers. (The correct strategy.) We are asked; “Aren’t you obligated to sell at this price if someone offers it?” The answer is probably not; for that to happen, you would first have to have only one offer, and secondly, the offer would have be exactly the same, down to the smallest detail, (please discuss this with your Realtor).
Another thought; Buyer will search for potential properties by groups; for example, $400,000 to $450,000, and $250,000 to $300,000. If your house is priced at $460,000 or $310,000, the Buyers will never see it. (something else to discuss with your Agent.)
Different Banks have different philosophies about pricing their properties: You cannot draw any conclusions without a good analysis.
Have your Realtor do a CMA, (Comparative Market Analysis) to help you determine your Offering Price. It is the surest way to determine the Market Value of the property.
Of course, we all know the answer is ALWAYS NO until you ask.
Beyond that point, there is way too much we do not know. Start the conversation with your offer. If you really want the house you may find it beneficial to do a real market analysis. It helps your odds
In this market, having multiple offers on a home, is very common. I would recommend that you are working with the right realtor, he or she can help you determine the market value of the home by comparing it to recent sales, until then you cannot simply just make an uninformed offer. If you are not working with a realtor, I would be happy to represent you.
Please email me the info regarding the property you are interested in and I will find out all the particulars regarding this listing as well as the comparable properties in the neighborhood so you can make an informed offer based on the knowledge of comparables sold in last few months.
Galleria International Realty
Cell (965) 648-7334
I am not sure if the house is worth $200,000 because there is no link to the house you want to purchase. If you are not working with a realtor yet, I am more than willing to assist you to find more information on the house you want to buy and do the necessary research before any offer is made so that you will make an informed decision.
Feel free to contact me at 954-882-1517 or email at email@example.com
Maria Jessica DeLuna
Keller Williams Realty
1801 N Pine Island Rd Ste 210
Plantation, FL 33322