Foreclosure in 19335>Question Details

Buyer, Home Buyer in 19335

Where can I find a list of foreclosed homes that have sold and how much they sold for?

Asked by Buyer, 19335 Wed Feb 17, 2010

I'm looking for info or guidance on typically how much less a Fannie Mae owned home might sell for than it's listed price? I'm about ready to put in our first bid.

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9
It is really case by case, factors such as how long the home has been on the market, have they already reduced the price, etc. will effect the final number. You may have a hot property that sells for over their asking price, but another one sells for 10% less. Feel free to contact me if you have specific questions.
2 votes Thank Flag Link Wed Feb 17, 2010
Is it possible to acquire a list of all properties sold that were foreclosed in 2012,2013
Flag Fri Oct 30, 2015
Research should be done BEFORE bidding. Because after you purchase the property, you may still need to fix things up. Try to find an agent you can work with in the area. They can do a market analysis of what the property is worth under the current condition and what it would be worth after repair/updating. Remember, the bank is trying to get all their money back which was owed. Seeing that we are in an upside down market (the home is worth less than what is owed), it is rare that you will see homes making a real profit. Margins will be thin unless the bank knows that they have to cut their loses to get rid of the properties. Banks are only starting to come around to that realization.

Good luck,

Terrence Charest, e-Pro
2 votes Thank Flag Link Wed Feb 17, 2010
Another fact to keep in mind, a major factor in this decision is that the banks have already run the comps and know exactly what the minimum is that they want; keyword: want. So, if there is any demand, many clients will say offer what they ask, and the winning clients say, "offer a little more... to outbid anyone who offers asking price."

On that blog I created for you (in order to post the image), you can click on the image to enlarge, and I want you to specifically look at the average and median SP/LP, and a winning bet will be to make an offer that is about 3% higher than List Price.


I can help with any of your Las Vegas Real Estate needs or questions; feel free to contact me direct.
Search the Southern Nevada MLS live at http://www.markfleysher.com


Sincerely,

Mark Fleysher, MBA, Realtor
Broker-Salesperson
702-291-8186
mfleysher@gmail.com

Web Reference: http://www.markfleysher.com
Web Reference: http://www.markfleysher.com
2 votes Thank Flag Link Wed Feb 17, 2010
Hello,

In the Nevada market, you see that Foreclosed homes still sell for more than the listed price.

Check out my blog, 'Las Vegas 90 Day Foreclosure Analysis!', created just for you.


Also, you will find that Fannie Mae is less likely than any other bank to help the buyer pay closing costs...

I can help with any of your Las Vegas Real Estate needs or questions; feel free to contact me direct.
Search the Southern Nevada MLS live at http://www.markfleysher.com


Sincerely,

Mark Fleysher, MBA, Realtor
Broker-Salesperson
702-291-8186
mfleysher@gmail.com
Web Reference: http://www.markfleysher.com
2 votes Thank Flag Link Wed Feb 17, 2010
Buyer,

Fannie Mae bank owned properties interestingly enough are often priced pretty aggressively. But every now and again the appraiser is off the mark totally with the valuation that they give these homes. Hey, we are all human. I have seen Fannie Mae hold out for a sales price for weeks to months. If Fannie Mae over prices a property and then a sale price comes in much lower... that is a skewed comp since it was improperly priced from the start. I have seen Fannie Mae price properties so aggressively that the final sale price is more than the asking price.

So, long story short, like the others have mentioned below, ask a Realtor to pull the comparable sales for some Bank Owned homes. But be a wise buyer and go a step further. Determine the market value as well. If the Fannie Mae Bank owned home is priced right and there are multiple bidders or if it is priced too high, you can make an informed decision based on Market Value. Making decisions based on the Bank's behavior is a crap shoot.

That being said, I really like your approach. It is a good idea to observe the selling behavior in addition to the market value to make the most educated offer on a home. Smart.
1 vote Thank Flag Link Thu Feb 18, 2010
Typically, lenders perform their due diligence in establishing offering prices for distressed assets. Valuations are typically established after review of broker price opinions and appraisals. It has been my experience that Fannie pricing is aggressive, but that shouldn't preclude you from previewing the property and having your agent run comps to establish a valuation that you are comfortable with submitting. Good Hunting!
0 votes Thank Flag Link Thu Feb 18, 2010
I would say offering $160K on a home with an asking price of $280K would be a waste of time, especially when you have confirmed that the asking price is within the proper range of the comparable sales.
0 votes Thank Flag Link Thu Feb 18, 2010
I have plenty of comps for the area. The home is in a fairly new neighborhood (in PA) with about 60 others and they're all priced between $275 - $350K. The list on the home I'm interested in is $280K. So I think Fannie Mae is in the ballpark, barring any unforseen situations that might come up on a home inspection. I'm wondering if starting very low at say $160K and stopping at about $210K would be reasonable. I don't want to get myself strapped into too much of a mortgage like many others have. Do these numbers sound reasonable? I had heard that bank owned properties will often times sell for 30% less than asking price and quite honestly this is why I chose this route.
0 votes Thank Flag Link Thu Feb 18, 2010
Your Realtor can find this for you.
0 votes Thank Flag Link Wed Feb 17, 2010
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