Home Selling in 96792>Question Details

Jean Connolly, Other/Just Looking in

Condo listed for $156,000. Offer of $130,000 with $1,000 deposit for VA loan. Is this considered a "good" offer? Thank you, Jean

Asked by Jean Connolly, Sat Feb 16, 2013

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3
It's impossible to say without seeing sales of similar properties (in the same building).
Once you get the appraisal back, you'll have a better idea. your agent should have already sent you comparable sales so you know what you are dealing with. The listed price is nice to know, but sales are more important.
VA loans are notoriously difficult to get through, so don't be surprised if you have several hurdles on the way to getting the actual funding.
Good luck.
0 votes Thank Flag Link Sat Feb 16, 2013
Thank you Frank so very much for your help and invaluable information. I appreciate your time and expertise tremendously.
I do have the "comps" and this price is "in the ballpark". I did counter but have not heard since, so at this point it is mute.
I'm really relieved since those prospects screamed trouble so onward and upward. It has been a "learning experience" ;)
I've never dealt with the VA in selling in the past, or with a prospect who didn't want to put anything "down" - thought "those days" were over after all the recent trauma with such deals
Thank you again for your very kind help. I will let you know when I have some "good news".
Jean
btw - do you know if a senior and son (not yet a senior) can purchase as joint tenants on a Home Mortgage Purchase or can it only be in the name of the senior - (me)?
Flag Thu Feb 28, 2013
A good offer is based on what you truly feel the property is worth after viewing similar properties and most importantly, the recent sold data.

Chris
0 votes Thank Flag Link Sat Feb 16, 2013
You should ask your Realtor for:
1. The comparable sale prices of similar condos in the area.
2. The current list-to-sale ratio of properties in the area.
3. What he or she feels about the offer.

The above should help you decide if it is a good offer. You could also ask yourself if a $130k offer is "good" if you were the owner.
0 votes Thank Flag Link Sat Feb 16, 2013
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