Going to open houses is a great way to explore neighborhoods. Be mindful of being 'sold' by the agent holding the open house - definitely ask any questions about the property that you need to, but be sure to obtain your own representation when you're ready to buy. Check the web reference link for more information about avoiding 'dual agency'.... more
I am in full aggrement with the other answers and Brian Gormley is right it takes some ingenuity and flexibility on the part of all involved. As well depending on the findings in the home inspections this may impact value for the appraisal which is another strategy to use for changing the short sale contract price. It takes patience and determination but it can be done. Much success!... more
Unfortunately, until the real estate appraiser can enter each and every home to determine condition & upgrades, our tax assessment values will never be completely accurate. On the positive side however, they are usually lower than market value which helps with our annual real estate tax bill.
And pleeeeease do not rely on Zillow-type Zestimates either. By there own admission, Zillow has Zestimated the value of 57 percent of U.S. housing stock, but only 65 percent of that could be considered 'accurate'â€”by its definition, within 10 percent of the actual selling price.
Only your local Realtor can provide you with a accurate market value by researching hyper-local market trends and recent home sale activity.... more
Absolutely! Be careful what you say to the agent holding the open house though as they represent the Seller and everything you tell them "can & will be used" in negotiations. When I hold an open house, one of the first questions I ask is: "Are you represented by a Buyer's agent?". I totally respect client/agent loyalty and would never attempt to interfere with your relationship with your agent. I will ask who you agent is however so I may follow up with him/her to see if I can answer any questions/concerns. Hope this helps!... more
I have helped many buyers that saw ads like this with approved short sale status. Most of the time its approved at the price listed. Having to reduce the price could have you start all over again with the bank. The sellers will not be able to cover the money back question as most sellers in this position do not have the money to do so. The bank may reduce the price yet only if you the sales comps are there to support it.... more
Send in Lower comps and ask them what their bpo came in at. Or get a new appraisal done and or interior bpo supporting your new purchase price. Tell them you'll bail without it. Look for any reo's on the market and compare that to your offer price. Is all about how fast the properties are selling for in 60 days as of today. The negotiators delegated authority should be to accept an offer 85% of their BPO.... more