Foreclosure in Cedar Hill>Question Details

Cdt, Home Buyer in Texas

If they are asking 200,000. for a bank reowned property in Cedar Hill what is the likely selling price?

Asked by Cdt, Texas Thu Apr 3, 2008

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I'm sorry, but your questions is not clear. Are you asking what it will re-sale for? Or are you asking what it will likely sell for as a foreclosure? The answer for my re-sale question will depend on the size, structure, & comps in the area. If you are asking about re-sale, that would be up to the individual buyer and how much they are willing to pay.
0 votes Thank Flag Link Thu Apr 3, 2008
No set rule on this. Each property is different. What's it worth? If it is worth $300,000 than I would expect it to go over the list price with multiple bids. It might sell for $220,000. If it is worth $150,000 then perhaps it might sell at $140,000. Is it the best house in the neighborhood in move in condition or is it the worst house and needs lots of work. Some other factors that could be considerations. Are you going to live in the house, if so how long? Is this the only house you've seen that you liked? If so you might be willing to pay more for it. Are you going to use it for an investment property and if you don't win this bid, you will keep on searching. If so you might want to bid low. Your realtor can help you determine what might be an appropriate bid. Good luck and if you need help with this or other foreclosure properties you can visit my website for more information.
0 votes Thank Flag Link Thu Apr 3, 2008
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
Where is your real estate agent? Your agent should be providing you the current comp's of the area. If you don't have an agent NEVER purchase a home without a real estate agent representing you that is from a builder or a seller

A professional can't answer your question for the following reasons:
a) Homes are comp'd based on sq. ft. , number of rooms, year built what has sold in that area, us as professional Dallas real estate agents we don't have that info. to provide you a comp
b) Condition of the home ? Is it move in? Is it decor fashion foward for today's market
c) Appliances still present?

These are only a few items that must be taken inconsideration when purchasing any home
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Thu Apr 3, 2008
at least 20% less

anyways

good luck
0 votes Thank Flag Link Thu Apr 3, 2008
There is no rule of thumb. Every house differs. My recommendation is to get your Realtor to do a "history" on the property, they can find out how much is owed on it, how long it's been on the market, do a market analysis on it to determine its current value and proceed from there.

If you are not working with a Realtor, I'll be happy to check on it for you.

Naima
214-289-8555
naima@sumner-realty.com
Web Reference: http://www.sumnerrealty.com
0 votes Thank Flag Link Thu Apr 3, 2008
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