Foreclosure in 75088>Question Details

James, Home Buyer in Rowlett, TX

I am looking at buying a VA foreclosure. The house has been on the market 78 days and is in rowlett tx. My

Asked by James, Rowlett, TX Sat Feb 2, 2008

agent thinks we should pretty much offer what is being asked. The house is listed at 165000. What do you think would be a fair bid on this house? It is ~2300 sq ft and seems to be in good shape. I feel lost here.

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James, I have to agree with Carlos, I have dealt with this listing agent and he has never given me a reason where it seemed he was "shopping for contracts" in our lingo.

The house has been on the market for 78 days by VA, however, before it got foreclosed, the owners tried to sell it for 179K but it was on the market for 6 months. It is a very nice neighborhood of Rowlett and there isn't a high turnover there. It has a very nice community pool too. Also did you compare it to the other one that has 4 bedrooms around the corner that is also a VA foreclosure?

VA has it listed for more than what the note is for but they are looking at recouping the closing fees and especially the delinquent taxes. The balance on the loan is about 159K.

As Carlos said, your agent should have prepared a market analysis and you can see how much the other homes sold for, then you decide what this house is worth to you and make an offer.

Also, the bidding period slp was up January 23, so the bank will look at your offer as it comes in.

Good luck,

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1 vote Thank Flag Link Sat Feb 2, 2008
I've worked with the agent who has the home listed and don't think he would do that. He has told me no offers when I've asked on some of his foreclosures and told me the truth on the ones he did as they would go PENDING shortly after. Plus he is just trying to get the home sold and it would be a violation of the code of ethics to lie. So in summary.. no I don't think he would. The bank will accept what the bank will accept whether they have 1 offer or 10. Go with what YOU feel comfortable paying for it and if it's a good deal to you that's all that matters in the end!!
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1 vote Thank Flag Link Sat Feb 2, 2008
It seems in good shape but it's still a foreclosure. Depending on the age of the home I would be concerned about hvac, plumbing and electrical. I would not be paying attention to the asking price but the comparables of other foreclosures nearby. You will many times find these houses "winterized" as an excuse for inspectors not to be able to check them over carefully. If your agent has done the research and $165k looks good then I would still offer lower and see if they counter. Depending on the lot size and age of the home that could be a very good deal!
0 votes Thank Flag Link Sat Mar 13, 2010
I think there's always some flexiblity in there on the part of VA, but it depends on other bidders, not always just you. VA and other foreclosures often draw several bidders, so you need to bid what the house is worth to you. Is it 1 of 100 that you liked or is it the ONLY 1 of 100 you liked. Also one thing to keep in mind....if the water and elec are on then you can do an inspection, but if they are off, my past experience is VA does not want them turned on and therefore you can't do much of an inspection. If that is the case then I think it is always wise to bid appropriately with the expectation of some repairs that may need to be done. Good luck.
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0 votes Thank Flag Link Mon Feb 4, 2008
Bruce Lynn, Real Estate Pro in Coppell, TX
couldn't the other agent just lie and say there are several other offers on the table?
0 votes Thank Flag Link Sat Feb 2, 2008
Well I'm sure your agent has run comparables on the neighborhood, however I have found when working with VA foreclosures that they are usually pretty willing to negotiate. You should find out when the bidding period is over if it hasn't already passed and then have your agent call and see if there are any other offers on the property. If not then go ahead and bid what you feel comfortable with. Hope this helps.
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0 votes Thank Flag Link Sat Feb 2, 2008
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