Are Home Path foreclosure prices negotiable in P Bch Co, Fl? Some I saw need work I know they add for that even so I think it's too high for P

Asked by Charlie, 92108 Sat Aug 21, 2010

Bch Co? I am going to offer on a unit that needs 25K work to make right added to their asking price of 89K would be too much as the values still drop monthly. The last sale in this development 8 months ago for $115,500. There are a couple straight resales listed for 115 -125K and I'm sure they won't bring near that amount. This will be the last purchase for my wife and myself as I am 57 and on Disability. My wife just went back to work after 19 years at home with the kids. The last has 1 year left at U of F and will teach. Qualifying I can only use my credit and income. That would be a 100K note, this Homepath deal is 3% down and we have the money for that and closing so the offer I want to make is 70K from their 89K 25K for renovations. I would bet when done it wouldn't appraised for much over 100K, if that. Will Home Path Negotiate?
With my offer, if accepted and with my wife's income not considered in the loan but used in our expenses we can pay off in 8 years. Would they work on

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Homertsimpson, , San Diego, CA
Sat Aug 21, 2010
BEST ANSWER
It sounds like you'll be doing the Home-Path Renovation Mortgage which allows for up to 20% of the projected final value for repairs, or $30,000; whichever is less. You may also receive between 3%-6% for closing cost paid by the Home-Path Program and make sure you check in to the $10,000 home buyer tax credit spread over your first 3 years of living in your new home.

The trick in negotiating is to always know when to back off and finally take the deal at hand. If you remain too firm on a price another buyer may swoop in and outbid you. It's not always about getting the property at the lowest price, if you don't actually get your offer accepted you’re not even in the game at that point. Remember, even if you are the highest bidder on a property, the appraisal will be the equalizer and the seller/bank(s) will generally lower the price to a reasonable appraised value because they know the actual appraisal is more of an authority then the BPO value they've place on the property.

I hope this information is helpfull and you have a wonderful day!

Keith E. Green
"Helping you get back HOME"
(619) 726-8660
Travel@cox.net
Web Reference:  http://www.HomeInfoToday.com
0 votes
Patrick Hale, , San Diego, CA
Tue Sep 7, 2010
Everything is negotiable...call me if you want tips on writing an offer on a bank owned property.

MY TEAM HAS OVER 100 PRE-LISTED FORECLOSURES AND WE ARE THE LISTING AGENT! - Please Email Me If you Are Looking For A Foreclosure In San Diego. Over 30 of them are FHA/VA Approved and Fully Renovated!

Hope this helps!

Patrick A. Hale, CDPE, RSD
Short Sale & REO Listing Agent
Associate Broker

"The Best Way To Predict Your Future Is To Create It"
Keller Williams Realty
Toll Free: (866) 538-6057 I San Diego: (619) 309-7883
Mobile/Text: (858) 539-6803 I DRE License # 01777558
Office: 4370 La Jolla Village Drive, Suite 400
San Diego, CA 92122

SHORT SALE EXPERTS WITH A MISSION TO:
"Help Over 360 Distressed Home Owners Avoid Foreclosure"
If You or Someone You Know is in Financial Distress Visit: http://www.SDRealEstate360.com
0 votes
Dianne Hicks, Agent, Rancho Bernardo, CA
Sun Aug 22, 2010
Charlie
This year is different than last year. Everyone was underpricing... now it has flipped and many are overpriced. Analyze it based on market value and needs and offer accordingly.

Good Luck!!!

Kindest Regards,
Dianne Hicks
HomeSmart Real Estate
Web Reference:  http://www.di4homes.com
0 votes
Cory La Scala, Agent, San Diego, CA
Sun Aug 22, 2010
Any foreclosure price is negotiable. Being successful will depend on the demand for the property. If there are a lot of other offers, you may not win, it just depends.

The Franchise Tax Board has stopped accepting first-time buyer (if you haven't owned a home in the last three years) applications on August 15th. They received enough applications to fully allocate the $100 million they budgeted, so that won't work.

If you're not working with an agent, I'l be happy to help you get into this home. The $115,000 comp is too far back to be considered, so other properties will be used by an appraiser. It really depends on the property.

I'm just a click or phone call away if you'd like to discuss this today.

Cory
619-825-6421
0 votes
Cory La Scala, Agent, San Diego, CA
Sun Aug 22, 2010
Any foreclosure price is negotiable. Being successful will depend on the demand for the property. If there are a lot of other offers, you may not win, it just depends.

The Franchise Tax Board has stopped accepting first-time buyer (if you haven't owned a home in the last three years) applications on August 15th. They received enough applications to fully allocate the $100 million they budgeted, so that won't work.

If you're not working with an agent, I'l be happy to help you get into this home. The $115,000 comp is too far back to be considered, so other properties will be used by an appraiser. It really depends on the property.

I'm just a click or phone call away if you'd like to discuss this today.

Cory
619-825-6421
0 votes
Cory La Scala, Agent, San Diego, CA
Sun Aug 22, 2010
Any foreclosure price is negotiable. Being successful will depend on the demand for the property. If there are a lot of other offers, you may not win, it just depends.

The Franchise Tax Board has stopped accepting first-time buyer (if you haven't owned a home in the last three years) applications on August 15th. They received enough applications to fully allocate the $100 million they budgeted, so that won't work.

If you're not working with an agent, I'l be happy to help you get into this home. The $115,000 comp is too far back to be considered, so other properties will be used by an appraiser. It really depends on the property.

I'm just a click or phone call away if you'd like to discuss this today.

Cory
619-825-6421
0 votes
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