I have done numerous short sales and foreclosures. My clients rely on me to treat them like family. Know that I would do my best to help them through the short sale process. You can reach me at 608-277-2734 or email@example.com. Thank you.... more
Yes, it's called a backup offer. However, not all sellers accept backup offers, so have your agent check with the listing agent to see if the seller will accept backup offers. If your offer is accepted in backup position you will be next in line to purchase the home should the first offer fall through. I hope you find this helpful.... more
You have a few options for extracting that info without showing your hand, and possibly without upping your offer needlessly. Instead of asking any of those questions directly, you could counter with terms that will prevent a bidding war before it starts, and will present a new offer price only if a neutral third-party verifies that at least one other compliant offer exists.... more
First of all, let's clarify the differences between assessed value, appraised value, and market value:
Assessed Value: Value placed upon a home by the town assessor for tax purposes. These numbers are created and used to raise the tax revenue used by a town to operate.
Appraised Value: The value assigned to a home by a licensed appraiser, usually done when a mortgage is being created and the property is being pledged as security for a loan. May also be done electively by a homeowner for a fee.
Market value: The price a ready willing and able buyer will pay for a home at any particular moment in time.
Clarifying which value to which you refer, I wouldn't focus so much on assessed or appraised value as I would market value, which can be established by studying the most recently sold comparables in your area.
If the home is 15% below what the most recent comparable home sold for, it could be a good investment, especially if you plan to hold for 5 years.
Without more information, it's hard to advise more thoroughly, though.