Property Q&A in Brick>Question Details

Mr. Mike, Both Buyer and Seller in 07719

Hello, What is the lowest offer [of course] on this property you speculate may be bought for?

Asked by Mr. Mike, 07719 Tue Mar 24, 2009

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This question is about this property: http://www.trulia.com/property/1076655852-683-Mantoloking-Rd…

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P.S. It is entirely possilbe that this listing agent is quite short sale savvy and has listed the property pursuant to the current foumula purported to be withn the ccepted standards of most banks for short sales. One might compare the list price to that of a seller who refuses to conceded to current market values vs. the seler who has accpeted today's market condtitions.
0 votes Thank Flag Link Wed Mar 25, 2009
Mr. Mike,

This property is not currently listed on the MLS, but listed with a Realtor, which infers that it is most likely an exclusive listing to this agency (not a practice that I personally as a listing agent have ever engaged in (despite objections of my former broker) due to my belief that it is in the best interest of my seller to offer the property to all agencies.)

In my view, exclusive agency listiiings limitis he # of opportunites for potential buyers being interested in the property and 90% of the time is a timeframe within which the seller may lose potential homebuyers from other agencies. Enough said on this firey subject.

It appears from a QUICK view of market comparables (without consideration for an onsite evaluation) that the property is currently listed @ $68k below market value, therefore, I am not sure you have much 'wiggle room" you might have. There may be other variables that may need to be considered.

While I normally see few issues with dual disclosed agency (wherein the sellers' agent also represents the buyers), in this instance it is my belief that your best interest would best be to acquire a buyer's agent to represent you in order to get the best possible price.

Sincerely,
Francesca Patrizio, Realtor, ePro
Cell: 732.606.2921 (24/)
Web Reference: http://www.PatrizioRE.com
0 votes Thank Flag Link Wed Mar 25, 2009
This is a bank owned property. It is being sold "as is" and there are addendums that must be filed with your offer, including a mold addendum. You also must put 3% earnest money down when you place your offer. And, you have to be able to close in 30 days or less.
That's the legal part you shold be aware of. As far as pricing goes, since it is bank owned they will have the final decision regarding price. The tax records show that ~126K owed to the bank, so they are going to try to get as close to that as possible. They also may hold the financing on this property for you.
If you are going to put in an offer and want additional help, feel free to reach out to me via Trulia or my website below. I can call the listing agent to find out if there are any offers in, etc. I have experience with short sales and can also recommend an excellent attorney for you. You might want to read up on other people/agents experience with short sales here so you know what you are getting into.
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Wed Mar 25, 2009
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