As they say, you never know until you try. However, here are some facts to help you put this in perspective.
Facts: Your max offer of $900K is $250K less than the asking price. The list price is within $81.5K of the DCAD taxable value of $1,068,470. Considering the features of this home, the listing price does not appear to be out of line with the market. Actually, when you look at the properties sold (comparables), this home is priced less than all them, with the exception of the one foreclosure.
Rough estimates from the public records show current owners probably owe about mid-$800s on the mortgages. Thatâ€™s figuring two notes and amortizing them out from mid-2003. When you add the fees for selling the home and closing costs, itâ€™s already over your max offer of $900K by about the cost of a decent automobile. It would be very difficult to attempt to negotiate your way up to $900K, because youâ€™d have to start much lower to make it appear to be a win-win situation. Otherwise, it appears more like a win-lose and those situations are difficult if not impossible transactions with current owners. Home sales are emotional. Remember, they love their home and everyone thinks their home is worth more â€“ because itâ€™s worth so much to them. Luckily, you donâ€™t have that emotional tie when purchasing a foreclosure â€“ but then youâ€™ve got the bank to deal with. Sidebar: Considering the deal Iâ€™m working now on a foreclosure, I think Iâ€™d rather deal with seller emotions and a home in move-in condition. :-)
HUD has averages of how much homes resell for after a foreclosure and they range from 88% to 82% of the appraised value depending on the number of days on the market. The longer the home is on the market, the lower the average. IF this home was a foreclosure and based on the DCAD 2008 value (the lowest, most conservative value), you might expect to pay $940K today and possibly as low as $876K a few months from now. Since your max offer is similar to a foreclosure sale, and foreclosures typically do not have appliances and carry a higher risk to the buyer, it will most likely insult the current owners to where they will ignore your offer. That said, you never know until you try.
I hope this helps. Contact our office if you'd like to discuss it further.
GREAT area of Dallas I know it very well. In order submit any offer bank letter purchase in cash OR lender qualifications statement You are requesting $250K reduction in list price certain ways approach a listing agent/ seller with "turning them off immediately"
Happy to schedule a showing for you with proof of lending required, we can determine if you like property and proceed with offer.
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