How much to offer on a foreclosure in California?

Asked by Brian, Iraq Sat Apr 12, 2008

I offered $280,000 on a list price of $299,000.. is that a lowball offer?

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Leanne Smith, , 95247
Sat Apr 12, 2008
BEST ANSWER
Brian, it depends, are there any other buyers offering on this property? if not I would say your offer is good. Trust me I sell in Calif. that is not what I would call a low ball offer! If you have compettion obviously they will prob. take the highest offer. good luck and I hope this helps!
agent - Leanne Smith
2 votes
Brian, Home Buyer, Iraq
Tue Apr 15, 2008
Pacita,

The mistakes that were listed was the wrong city and the amount of garages. Also the listing on it is very short but I had my wife check out the property for me. The list price was actually $299,000 but I offered $280,000. The home also is not in Temecula. Its in a city that is near by. I am waiting to hear back on my offer.

Thanks for your input.
0 votes
Pacita Dimac…, Agent, Oakland, CA
Tue Apr 15, 2008
Brian,

My brother just sold his 3 BR/2 BA home in Temecula. It was listed at $285K which is considerably less than the $410K he paid for it two years ago. His home is also half the 3200 sq ft house on 11000 sq ft lot you're describing at a list price of $280K --- that sounds almost surreal. Did you ask your realtor to look into the history of this property to determine how much is owed? That will give you a clearer view of how much the bank may be willing to accept.

You said the listing agent made several mistakes --- what mistakes? If he/she transposed and entered the wrong numbers, that's a huge problem. Or is it possible they deliberately under-priced it to get a bigger pool of buyers?
0 votes
Dot Chance, Agent, Burbank, CA
Sat Apr 12, 2008
Hi, Brian. If nothing else, it is a good starting point! Many homes are now being sold for over the listing price. With this one being new on the market the bank may be holding off to see what other offers they get. There is not guarantee that they will counter offer.

I have a great friend who works bank owned/foreclosures in Temecula. You are in Iraq now? Are you military? If so, I would just like to thank you personally for volunteering to go for us!
Web Reference:  http://www.DotChance.com
0 votes
Deeana Owens, Agent, San Francisco, CA
Sat Apr 12, 2008
Brian,
$299k could just be the loan payoff amount. Whether or not your offer was a "low-ball" depends on the true fair market value of the property. No offer is a low-ball if you have the comps to support it. A Comparative Market Analysis would help to answer this question. In my opinion, a low-ball offer would be 10% below fair market or more. Hope this helps. ;)
0 votes
Laarni G. Om…, , Orange County, CA
Sat Apr 12, 2008
Hi Brian,

That is Great! I think that is a good offer. And thank you for your service.
All the best,
Laarni
0 votes
Leanne Smith, , 95247
Sat Apr 12, 2008
right on Brian! sounds like a great deal, and a bit of good luck!! If it is a bank owned roperty (reo) it should take more then a few days, If it is a short sale it could take a few months. Im sure your agent would know.. Good luck to you!
Leanne
0 votes
Brian, Home Buyer, Iraq
Sat Apr 12, 2008
Leanne,

I don't think there are any other offers on this property but I put my offer in on the next day after it was listed. I don't want to reveal "The Castle" as I call it. The home is approx. 3200 sqft on 11000 sqft lot and I think the home is probably undervalued at $280,000 but the listing agent made several errors when posting the property (Wrong city, amount of garages, etc..). I am hoping that will benefit me, what do you think?

Also I put in my offer on Tuesday of this past week, how long should it take to get a response? Any Idea ?

Thanks for your input!
0 votes
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