Foreclosure in Lansing>Question Details

Randy, Home Buyer in Lansing, MI

We just looked at a house and it has been for sale for a year and a half. There were missing lights etc. in

Asked by Randy, Lansing, MI Sat Jan 31, 2009

the house. THey were asking $140 and we offered $120. Was that too low of an offer? It says lender approval started so I think it may be going short sale...

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Randy,

I have to agree with Maureen and Mike's view on this. You really don't provide enough information to determine if your offer was too low. Your agent (I assume you are working with a Buyer's Agent) would be able to provide you with more accurate information as Mike suggested.

Just to ask, Did you come up with the 120K price out of thin air, or did you use factual information?
1 vote Thank Flag Link Sat Jan 31, 2009
The house is only worth what your willing to pay for it, and what the bank that is financing your house, appraises it at. Have your agent run some comps for the neighborhood.
1 vote Thank Flag Link Sat Jan 31, 2009
Your agent should be able to find out it it is a short sale or a foreclosure. The purchasing experience will be quite different, so I would want to know if I were you.
Web Reference: http://miOaklandCounty.com
1 vote Thank Flag Link Sat Jan 31, 2009
Maureen Fran…, Real Estate Pro in Birmingham, MI
MVP'08
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Randy,

The sellers response will be the best indication of the quality of your offer. But from our perspective, your offer is a place to begin....

An important point here is that the buyer drives the real estate market......the amount a person is willing to pay for anything creates its level of worth. One thing is for certain in this market, that is the sellers "asking prices" are for the most part......too high.

Don't worry about your offer price....you began where YOU needed to start. The next move is the sellers!

Good luck
0 votes Thank Flag Link Sat Jan 31, 2009
Undetermined if low. Buyers agent who assisted you most likely did research on all parties behalf for a winning bid. However if lender did not like your offer bank may not respond. Mortgage company is aware of conditions of home, has a library of info. regarding property with pictures.

If you dont receive a response within a week recommend keep looking or increars your bid
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Sat Jan 31, 2009
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