Hi - there is no exact percentage of list price to offer price. The bank has many factors that determines what the value of the property is. The biggest factor in their equation is time. The longer on the market, the lower an offer price they may accept.
When I have buyers I do a market analysis and then determine what "issues" the bank may have in selling the property. Some factors are type of buyers in the area, deferred maintenance on the property, and willingness of the bank/asset manager to make repairs for financing. The more options for financing the higher the price. However the banks are getting pretty good at reducing the prices on property so that the sale price to list price is usually 90% or higher. Of course as agents we are always at the mercy of what the buyer can afford and you work on getting them a property in their price range by showing the listing agent why your buyer deserves the house for much less than list price. Some reo agents will really try to get the asset manager to see the benefits of taking your buyer even if their offer is below market and they are an owner occupant.
Leto/Egypt Lake area's current list price/sale price ratios range from 83%-110%. Contact me directly if you have any other questions.
If it is too low, the market will bid it up with multiple offers. But if the bank got bad BPOs or a rushed appraisal, they could end up with it listed too high to start.
The problem with the bpos is that they are often a drive by photo, and then the county records are pulled up. The comps are found that justify the tax valuation, and no one is in there to know that the condition is bad and the value is actually a lot less than what you would think from the outside.
Those are the times when you see REO properties on the market for extended periods and numerous price reductions.
If they hit the market priced right in our area, they are gone with multiple bids.
All the Best,
Jim Sweat, ABR, CRS, GRI, CDPE, e-PRO, ILHM
If you offered too little you will always wonder if you should have offered more.
if you offered too much you will always wonder if you offered too much.
The logic is hidden deep in your heart ,bid with it and you won't loose.
No one knows how much you want something but yourself. In the end you will either own it or someone else will.
The best rule to follow is your own. Have no regrets if you lost it for another bid which was higher than yours for it only shows you were on the right track but someone wanted it more than you did.
Love always finds a way.... a home is the right direction . Are you ready to go home? You will find your way love is the ticket. Don't be confused how little or how much more you paid for it. It's worth it .
I know I would not sell my home for a million knowing all too well others think it is worth much much less.
Dan Turner REALTOR
To submit an offer you will need a Realtor.
I can help you if you're not already working with a Realtor.
Each property has to be evaluated individually because sometimes Fannie Mae will underprice and at other times they will overprice.
Also if you're not planning to occupy as your primary residence, your offer may not be considered unless they don't accept an owner-occupant bid during the first two weeks of listing.
I just pulled up a report of Fannie Mae HomePath properties sold in 33615 and 33634 in the past 12 months and many have sold above the list price.
All the best,
Alma Rose Kee PA
Future Home Realty