Only if you are willing to risk having both offers accepted at the same time and end up either buying 2 homes or being in breach of contract on one of the homes which can result in legal issues, fines and losing your earnest money... more
I would think 20% is a reasonable discount, so $40,000 off 199,999 equals %160,000. If you dont hear back in a week, send another offer at $165,000. That will get someone's attention, and hopefuly a counter offer
David Cooper Las Vegas Foreclosure Investor in Bank Owned REOs with Huge Cash Flow. for FREE daily list email: firstname.lastname@example.org or Call +1-7024997037 not a real estate agent... more
I'm not sure I understand the question. Firstly if you owe 151K and similar homes are selling for 132K you will likely either have to stay there until you either build some equity or the market improves. If you are under-water and unable to continue making the payments then you may want to look at negotiating a short-sale with your lender.
It is not likely that anyone will want to trade your property for another one with your negative equity. Your situation is not unique; in fact it has become somewhat the norm today. If you do have to do a short-sale, deed in lieu or foreclosure you will not likely be buying another home for many years.... more
Consider working with an agent of your own; he she can provide you with suitable listings, keep you updated as new listings arrive on the market, provide necessary information, schedule showings, etc.; if purchasing with a mortgage, be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously...... more
Good question! Everytime you write an offer on a house and then miraculously there are other offers... you start to wonder. The first step is to look at the price of the home. Is it priced below what other homes like it would sell for? Is it a steal? If so, then there probably are other offers. Think of it this way.... there are buyers out there right now that are looking in the same price range as you. They have seen what is available, just like you, and have decided not to buy those homes. When a home that is "worth it" becomes available they will jump on it just like you did. So, the answer lies in the VALUE of the property, not the ethics of the agent. Plus, you never know what the other offer is.. yours may be better terms, if not a better price. The agent can not tell you the amount of the other offer. From my experience, an REO agent is judged by how quickly they sell a home and by how close the contract is compared to the asking price. Therefore, a good strategy would be to price the house below the value and then have the price bid up with multiple offers. I think that is what many of the REO agents are doing. Just because it's a foreclosure does not mean you should offer a ton under asking price. You should look for the value and then offer what you are willing to pay. Your buyers agent will be able to pull comparable homes and their statistics as well as show you other comparable homes. These are two valuable tools in deciding what price is right for you to offer. I hope that this helps answer your question. If you have any other questions, please contact me at 816-365-2225.... more