That would be our base price. I would then order a Home Inspection, with that in hand I would sit down with my handy man / contractor and get a bid on repairs. Lastly I would look at days on market and deprecation of market value over time.
With all this information we then could look at what would be a reasonable offer. Once written I would make sure that all the above information was complied in such a way that the asset manager for the REO could quickly read it along with your submitted offer. When we sent your offer to the listing agent I would request that the whole offer be sent to the asset manager and that the â€œnumbersâ€ not just be entered into the REO offer portal.
Or we could just take a shot in the dark based on a gut feeling
I like Eric's Answer.
Lowest reasonable offer? Could be as low as $50K or could very well be $195K. Without an analysis on the property you'd never really know. It could be that every home in there sold for $400K, in which case, I'd be alright buying it at $195K. Or it could be that nothing has sold in there over $175K, which might cause you to re-evaluate the whole thing.
then take off another 10%
the bank will think this is unreasonable
they will be thinking differently in a year or so
right now the banks are trying to get help from the govt
free taxpayer money for their bad loans
probably not going to happen
when they realize this, they will be more likely to bargain
prices not going up anytime soon
probably going down for at least the next 2-3 years
and atlanta is still declining according to the
S&P/Case-Shiller home-price index
4073 LaVista Rd., Suite 373
Atlanta, GA 30084
Direct Line 770-390-8018
Price, terms and time are the components of an offer.
When are you buying?
How are you financing?
Use a cover letter to explain yourself, then make the offer and get your real estate on.
Nobody can give you an educated answer without knowing more details about the home, the neighborhood, and if there are multiple offers. You should not have to wait for more than a few days with any bank to recieve an answer, unless the property you are making an offer on is a preforclosure/shortsale. It sounds like the property you are making an offer is a bank owned property. You should use a Realtor to help you figure out what the property may be worth, help you write up an offer, and make sure you have ways to do your due diligence without risking your earnest money. In these bank owned situations it is completely free for you to use an agent. The listing agents for the bank do not usually cut their commission at all because they don't have to. They are representing the sellers best interest, remember this. Get in touch with someone who will represent your best interest and who knows how to deal with these kind of properties. I have a lot of experience helping buyers negotiate on these kinds of properties. Let me know if you have any questions.
I would be happy to help you with placing a bid on a property. In most cases you can get a good bit off the list price of the home, but you need to be prepared to know what your maximum bid will be before giving up the property to another buyer.
Banks work very slow and you can expect to wait up to 4-6 weeks to hear if your offer has been accepted. Banks will also consider multiple offers at a time and choose the best one. Strong financing helps you a great deal in these situations because the bank also considers how solid the buyer is and the percentage of the deal actually closing even if the offer is low.
I can help you estimate a great offer price and determine what the maximum you should offer on the home to profit from the transaction if this is an investment. Of course all home purchases should be considered an investment!
ERA Sunrise Realty