I am just a normal home owner.No realestate experience.I live in Florida and have been looking at bank owned properties in north Georgia.The bank i

Asked by Scooter, Florida Center North, Orlando, FL Fri Nov 6, 2009

am dealing with has shown me all of there cabin properties.I can see that before the real estate crash these properties were listed anywhere from 200k to 270 k.The bank has alot of properties that have the same floor plan ,new homes.Any way my question is,what would be a fair and reasonable offer.It doesnt appear that i am bidding against any one else.Is there a perceant like 50 percent off the original asking price,or is there a set fiqure.I dont knopw where to start on the offer.Obviouly id like to get one of these properties for alittle over 100k.

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Maureen Bye…, Agent, Oceanside, CA
Wed Feb 19, 2014
its really best if you are motivated and serious to submit your highest and best offer that makes perfect sense to you and move forward.. expect a counter or flat out rejection on a low ball offer..but who knows.. you may get lucky with timing and obtain accecptance.. go for it-you have my blessing!!
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Michael Simo…, Agent, Charlotte, NC
Tue Dec 29, 2009
I agree with Chad, get a real estate professional immediately. It's no cost to you as a buyer and won't affect what price they will accept. In addition, with their professional advice, a general rule I like to use and have read from many others: if you are not embarrassed by your offer...it's too high.
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Chad F, , Sarasota, FL
Fri Nov 6, 2009
Hi Scooter,

First and foremost, because you are dealing with a bank owned property you should consult with a Real Estate Professional in that specific market, not just for the piece of mind that you will get as far as market values, but for the fact that you will have someone in your corner as you wade your way through the REO process. It can be very confusing and frustrating to someone who hasnt been through it.

I can reccomend someone in that market for you that can meet your needs. Just let me know if you would like me to look into it for you. You are very smart for getting into the market at the current time, make sure you dont pay more than you need to. Have a professional on your side.

Best of Luck,

Chad Fay
Prudential Palms Realty
130 N. Tamiami Trail
Sarasota, FL 34236
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