Home Buying in Cranston>Question Details

John Graziano,  in Cranston, RI

Looking at a house that is in Shortsale.

Asked by John Graziano, Cranston, RI Mon Feb 9, 2009

They say they are working with a negoiator. I am wondering was is a good starting point to offer on a house listed at 169,000?I have never done delt with this type of sale and want the house? But think it needs like 15grand of work? House is assest at 221,000 and was bought in 05 for 277000.

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5
Don't think it needs work, find out. Have an inspection before you put in an offer. It doesn't matter what the county appraiser says the value is, that is for tax purposes not current value. It also doesn't matter what they paid for it, you need to find out the value by having your buyers agent do a CMA and then an appraisal once you make an offer.
0 votes Thank Flag Link Thu Feb 12, 2009
Hi John,
I have assisted many buyers and sellers in the purchase/sale of short sales and specialize in the Cranston/Warwick area. If you are not currently working with a buyer agent, give me a call or shoot me an email and I will be happy to assist in negotiations by providing a market analysis of the area, sq. footage, condition etc. You should have someone representing you in any transaction, especially a short sale situation. If you have never dealt with this type of transaction, there is information that you should know before proceeding. You can reach me @401-480-1973 or email Lori.Rossi@Nemoves.com.
0 votes Thank Flag Link Thu Feb 12, 2009
John
Your agent is the best person to make a recommendation on what the range of market value might be.

Remember that the lender views this as a business transaction. If and your Realtor can make a case (that means using facts, such as recently sold homes of comparable size and condition), you might be able to get them to take a lower offer. In a short sale that means that the lender may need to convince an investor that it is in their best interest to accept an offer lower than the list price.
0 votes Thank Flag Link Mon Feb 9, 2009
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
You should have your buyer's agent do a market analysis on the property. This will give you an idea of what the bank's appraisal will come in at. The town assessment is not really a true indicator of value. Your buyer's agent can put together an offer package consisting of comparable sales and estimates of repairs, this will give you a better chance of getting the bank to accept your offer. Contact me if you are interested in interviewing buyer's agents.
Web Reference: http://www.alaynaberek.com
0 votes Thank Flag Link Mon Feb 9, 2009
John,
From my experience your offer should reflect the area sales and overall condition of the property. The bank is looking for Fair market value for the property. If you have repair estimates I'm sure the negogiator will glady take them to help argue the point but keep in mind the most important numbers are the areas recently solds. Call me or email me I'll gladly do the comparables for you if you don't have a buyers agent.
0 votes Thank Flag Link Mon Feb 9, 2009
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