How much should I offer on an $81,100 home (bank owned) that has been on the market for over 12 months?

Asked by Tiffany Pearce, Green Bay, WI Tue Mar 3, 2009

Bank acquired property via Sheriff sale and yes....price is negotiable. The only appliance included are dishwasher, wall oven, and an older washing machine. I've had Property listed since middle of February however, it has been listed prior with other Realtors and vacant for at least 12 months.

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Case Schiller, , Palo Alto, CA
Tue Mar 3, 2009
You are getting great advice. Here are Lynn's stats:

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So basically 20% of her "advice" is even useful and 0.5% is the "Best."

Always trust the "Pro"'s on Trulia!!!!!!!!!!!!!!!!!!!!!! IT IS A GREAT TIME TO BUY USING A LOCAL REALTOR!!!!!!!!!!!!!!!!!
1 vote
Evren Senol, Agent, Saint Louis, MO
Tue Mar 3, 2009
I agree with Karen when she says "Some foreclosures can be "sweet deals"- yet others can be the "money pit". Make sure you make an informed decision."

The banks usually look at the current appraised value (NOT what is owed on the property) and take 20%-40% off of that price depending on the loan associated with the property. WHen you say it is on the market for $81,100, we don't know if that is the original price or a recently reduced price. It makes a lot of difference.

In short, you should only offer what the house is worth! And remember, it is not always good to buy the cheapest property available. Those tend to be more difficult to sell when the time comes to sell.

I wish you Good Luck, and I hope you don't need it!

Evren Senol
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Karen Wenzel,…, Agent, Brookfield, WI
Tue Mar 3, 2009
The best advice I can give you is to have a Realtor that is very knowledgeable about your area provide you with documented sales of homes in the area that are comparable to this one. At the very least, it will give you a guideline of what the possible upside value could be, in the event this home needs lots of work.
I would also make sure that you carefully view the home prior to your offer- and if it appears that there are some major issues, maybe even bring in experts to give you an idea of what you may be dealing with.

Some foreclosures can be "sweet deals"- yet others can be the "money pit". Make sure you make an informed decision.

All the Best to You!
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Case Schiller, , Palo Alto, CA
Tue Mar 3, 2009
$45,000 with them paying all costs. See what they say.
0 votes
Dallas Texas, Agent, Dallas, TN
Tue Mar 3, 2009
Your buyers agent who represents you can do the research determine all particulars involved in order submit a winning bid purchase home.

Difficult to make any recommendations unless an agent previews home, research, and etc

Lynn911 – ~ National Featured Realtor
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