Can I offer $50000 cash for this property, 1125 NE 16th Pl #211 and settle asap?

Asked by Parker, Fort Lauderdale, FL Mon Jul 30, 2012

My funiture is in storage and I am ready to move in. call me or e mail

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Rajkumar Ramkerath’s answer
Rajkumar Ram…, Agent, Coral Springs, FL
Thu Sep 13, 2012
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C: 954-288-0386

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John Bourassa, , Fort Lauderdale, FL
Tue Jul 31, 2012

Mark Jablon's answer is very accurate but I'd like to add to his response that if you decide to enter into a bidding situation--usually those of bank-owned (REO)--you could easily be bidding against yourself, I call that a "Blind Auction".

Say that a property is listed at $50K and you offer $55K to make sure you'll get it, even if the bank has received 5 other offers already (or maybe none at all other than yours for there is no way to prove that; you can only rely on their good words and we all know how decent banks are) and yours was the highest offer, the bank will still respond back to you saying that they have received multiple offers and will ask you to come back with your "best and final offer" -- this is when you could be bidding against yourself. But that's OK if you want that property real badly.
0 votes
marc jablon, Agent, Boca Raton, FL
Mon Jul 30, 2012
You can make any offer you want for a property, however, if the property is an REO home in Fort Lauderdale, or anywhere else in the vicinity, you will find that cash offers below asking price are rarely, if ever, accepted.

Most of the time, offers begin at the asking price and move up from there. The bank will always accept the highest and best offer on an REO property. Also, banks are willing to wait for offers that conform to the figures they have in mind. So just because the bank receives a contract from a buyer, the bank is under no obligation to accept that offer.

Bands understand that a lower listing price will arouse interest of investors, so the banks dangle lower prices on the market. Then they wait for bids that raise that price.

While cash is always best for REO purchases, in today's competitive market there are typically many offers above list price on REO properties, and these are also likely to be cash offers.

If you are a cash buyer and you hope to buy a Fort Lauderdale home for less than list price, you may find that you will do better by making an offer for a home that is controlled by the owner of the property. Provided you make a reasonable offer, you are likely to receive a response to your offer within 48 hours.

In today's tightening market, do not expect a seller concession of much more than 4-5%. So while your cash purchase may not make a huge difference in the price you pay, at least, with an owner, you probably won't have to pay more than the asking price for your new home.

Marc Jablon, The Jablon Team
RE/MAX Complete Solutions
0 votes
Lynne Hale, Agent, Fort Lauderdale, FL
Mon Jul 30, 2012
Hi Parker:
This property has just been sold in June 2012 for $62,000 and is not currently on the market for sale. It was a foreclosure listed at $59,900.
If you would like to have me search for a property for an immediate sale, please contact me.
Thank you,
Lynne Hale, Broker-Associate, CRS, e-Pro, CIPS
Century 21 Hansen Realty Inc
0 votes
James Furlong, Agent, Brookline, MA
Mon Jul 30, 2012
You can offer any $$ you want for any property. Whether or not it is accepted depends on the seller. If the seller is "the bank" or a "short sale" seller, the time to close is not under your control, and ASAP is not usually a term that will apply.
0 votes
Lynne Knapp, , Fort Lauderdale, FL
Mon Jul 30, 2012
Hi Parkrt,

Per your question on Trulia >
Can I offer $50000 cash for this property, 1125 NE 16th Pl #211 and settle asap?
My funiture is in storage and I am ready to move in. call me or e mail

Re: 1125 NE 16th Pl #211 (2/2) an REO was SOLD & CLOSED 06/14/12 for $62,000
Re: 1125 NE 16th Pl #208 (2/2) not a SS or REO is AVAILABLE Listed at $92,500

Contact me 'Lynne Knapp' (965) 647-5335 Cellular, or email me the best number and time to call you to chat!

Lynne Knapp, Realtor
ReMax Consultants Realty 1
Ft Lauderdale FL
Web Reference:
0 votes
Jen Neil, Agent, Fort Lauderdale, FL
Mon Jul 30, 2012
Check your email if not in your inbox check your junk/spam folder...:-)

Jen Neil
Castelli Real Estate Services
(954) 257-8448

Remember Referrals Are A Girl's Best Friend!!
0 votes
Rajkumar Ram…, Agent, Coral Springs, FL
Mon Jul 30, 2012
Regards 1125 NE 16TH PL # 208 is avaiable
contact me for more information...

Best Regards,

Raj Kumar Ramkerath
Licensed Realtor
Elite Investors Realty, LLC
Mobile: 954-288-0386
Contact me by appointment only & please visit my site @ your earliest convenience!
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