Home Buying in Lakeway>Question Details

DEBORAH DESJ…, Home Seller in Palm City, FL

with a short sale or foreclosure I come in with cash/short closing what are the averages in price I can play with...thanks ddj54542gmail. Lakeway

Asked by DEBORAH DESJARDINS, Palm City, FL Tue Nov 19, 2013

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Good afteroon,

Suzanne's response was accurate. In the Austin area, including Lakeway, banks generally expect that the improved market will eleminate the necessity for a short sale in many cases.

I have seen banks require that the list price of the home, that was not pre-approved for a short sale, be increased. In one case the increase was 10-15% and the Buyer paid up to get the property. The lesson here is that list prices on potential short slaes may not be approved by the lender if the lender believes the prices are set too low, particularly in a area where homes sales are relatively strong. Lenders realize that Austin area prices have improved significantly during the past 1-2 years in desireable areas, such as Lakeway. Lack of supply is a significant contributung factor given the high current rate of population increase (and incoming potential buyers).

Short sales and foreclosures are not always the best buys in the market. Definitely find a Realtor who will properly represent you and analyze any potential purchase closely. Please contact me if I can assist you further. I live in the Lake Travis ISD area and active in the Lakeway market.

Best regards,


Tom

Thomas J. Cantalini
Broker Associate, REALTOR(R) GRI, CNE, SFR, MBA
Century 21 HSK and Associates Austin
9020-1 N. Capital of Texas Hwy., Suite 210
Austin, Texas 78759
512-797-9167 (cell)
tom.cantalini@gmail.com
thomas.cantalini@century21.com
0 votes Thank Flag Link Tue Nov 19, 2013
Tom I am just wanted to get some more informaition on Bankowned properties in Lakeway do I have to go each lender or is there a contact I am serious will have cash and the lenders are sitting on inventory that I am looking for thanks for your advise
Flag Tue Apr 15, 2014
Recommend to have a Realtor represent you ... therefore these types of questions indicate you have zero experience in real estate could have a loss of your escrow money and etc.

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0 votes Thank Flag Link Tue Nov 19, 2013
With short sales they are simply looking for the highest offer without any contingencies. With Bank owned homes, speed in closing DOES count (usually under 30 days) but the price does matter too. Some banks are already pricing their homes very low and will not come down. You need to assess what the home is worth and base your offer on that, not what they are asking,.
0 votes Thank Flag Link Tue Nov 19, 2013
I would recommend you talk to a real estate professional in your area who is experienced and trained in handling short sales. In our area, quick closings will get you nowhere. Banks simply want the most money they can possibly get for the property. So, while a cash offer is somewhat more attractive because it does not involve a mortgage contingency, it will only get you so far as far as a discount. Recently, I have seen banks, after having done their appraisal, come back to the listing agent with a proposal that says, "We want to NET (for example) 88% of appraised value, and you can figure out how to pay everybody else). In other words, if the house is appraised at $100,000, the bank wants $88,000 in their pocket, and from the $12,000 difference lawyers have to be paid, realtors have to be paid, property taxes have to be paid, etc.

I am pretty sure this is happening all over the country. And everything depends on which bank you are dealing with, the investor, and the appraisal. Find a good realtor, trained, experienced and educated in handling short sales and follow their advice.
0 votes Thank Flag Link Tue Nov 19, 2013
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