I am looking to purchase a home listed as a short sale for 90,000. Bank appraised it at 102k and city has appraised it at 164k. What is a fair offer?

Asked by K29, 19464 Sat Sep 10, 2011

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Christopher…, Agent, Tarrytown, NY
Mon Sep 12, 2011
Hi, From What you've explained I think you can answer that yourself.... :o)

Christopher Pagli
Licensed Associate Broker
Accredited Buyer Representative
GREEN Designated Agent
William Raveis Legends Realty Group
Web Reference:  http://raveis.com/chrispagli
0 votes
., , Limerick, PA
Mon Sep 12, 2011
What is a fair offer? In a Short Sale there is no Fair for anyone except you the Buyer. The Seller is upside down. The only thing that may not be Fair is whether you can get your offer accepted by the lender. If you are represented then make sure that individual has the resources to get your Agreement considered. If you are not represented then contact me. I work with a company that only does Short Sales. Yours, Bill Johnson
0 votes
Jason Stackh…, Other Pro, Conshohocken, PA
Sun Sep 11, 2011
As for fair offer, I agree with the responses below, however, what about the overall condition of the property (i.e. repairs, updating, etc. needed). That is a big determining factor for any offer you submit.

Just to compare, I have a property for sale right now ($79,900) that we completely renovated and is move-in condition. If you would like to compare ours versus the one you are looking to make an offer on, please contact me directly to discuss. This will at least give you an idea on where you can/should offer.

Thank you -

Jason Stackhouse
0 votes
K29, Home Buyer, 19464
Sun Sep 11, 2011
Also....this home is set to go for sheriff's sale at the end of December
0 votes
K29, Home Buyer, 19464
Sun Sep 11, 2011
In response to Mr. Harner - The 102K was a month ago, in order to lower the asking price. The home was originally listed in October of 2010, and the original asking price was160K.
0 votes
Erica Ramus,…, Agent, Pottsville, PA
Sat Sep 10, 2011
I am assuming you mean city appraisal to mean the city's assessed or fair market value. This is probably not a fair market value for sale. It is for tax purposes.
0 votes
Faith LaRosse, Agent, Wyomissing, PA
Sat Sep 10, 2011
While the appraisals are helpful, I would need to pull comparables in the area to get a clearer picture. If you are working with an agent he/she would be able to do that for you-if not I'd be happy to help you with that--
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james harner, Agent, Limerick, PA
Sat Sep 10, 2011
I have two questions.
1. When you say the bank appraised it for 102K, when was that appraisal done?
2. When was the home listed for sale and what was the original asking price?

I have represented buyers and sold MANY short sale properties in 19464 zip code, and these questions will help me determiine the third parties willingness to entertain offers below a bank appraisal.

james harner
Web Reference:  http://www.jamesaharner.com
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