I am getting discouraged I have submitted three offers

Asked by Florida40, 34677 Tue Apr 29, 2008

I am getting discouraged I have submitted three offers for properties in the last two months and none have been accepted.

I am not a real estate expert that’s why I come to this forum. The property listed below has been on the market for a while it is bank owed. I like the house but think it is over priced in this market. Am I being an unrealistic buyer?

Bloomsbury Court, Land O Lakes FL 34639
$157,000
3 br 2 ba 1,598 sqft
Bank owned - Single-Family Home


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20
Ronald Zemet…, Agent, Tampa, FL
Tue Apr 29, 2008
Florida40:
I looked up the home you are interested in and it is still active on the market, it is bank owned and ready to sell. With this said it is my opinion either your offers for the home were unrealistic or you had too many contingencies in the offer. You can find lots of Realtor's in the area who would be more than willing to help you find the true value of this home and help you write an offer the bank will most likely accept. I have had many banks that own homes willing to pay closing and assist with a down payment. (A good lender can set you up with a FHA loan only 3% down payment is needed, if you qualify) You can ask the owner of the home to pay 3% for your closing cost and another 3% towards your down payment. Your out of pocket will be very little this way. This is not uncommon in today’s market. Remember if they do this you are getting the home for 6 % less than the purchase price. You can find many good Realtors who will help you for free, as the seller pays their fees. I would suggest you find one you can trust which is important to have a good relationship with your Realtor.
If I can be of further service feel free to contact me at your leisure. Good Luck I am sure you will find the perfect house to call home. Remember you can find a good bargain but you are very unlikely to find one for 50 cents on the dollar. ron@zemetres.com
Web Reference:  http://www.zemetres.com
2 votes
John Palmisa…, , Weston, FL
Tue Aug 19, 2008
Florida 40,

Welcome to the world of Bank Owned Property. Nothing new, banks always operated this way. People think, well its bank owned so I get a discount, and the bank knows that if you really want the property you will raise your offer. Investors look for motivation not property, that is the difference between the two. I would hire a Real Estate Agent, who can run the comparables and let you know what a good offer would be, that the bank might accept. It cost you nothing to hire them and I would sign a buyer's/broker's agreement, so they can properly represent you, which still cost you nothing. I do not understand why more buyers do not use the agreement. Investors use it all the time to get great deals. I would take a look the Realtors who gave you advice. Robin Landis knows the area and already has run the comparables on the property. Antonio has dealt with Bank Owned Properties and knows the process. I hope this helps.

John Palmisano
Keller Williams Properties
Weston, FL 33326

Disclaimer: i do not know the two agent mentioned here and no affiliation with them.
1 vote
Robin Landis, , Langley Air Force Base, VA
Sun Aug 17, 2008
Really ace? Then why are you the only one with no profile on this page? If you really were a RE professional you wouldn't be slamming everyone, you would be giving helpful accurate info. Go get on one of the teenie bopper blogs if you just want to throw mud and spew garbage.
1 vote
Robin Landis, , Langley Air Force Base, VA
Wed May 21, 2008
Florida40,
I live & work in LOL and Grand Oaks is a very nice community! I looked up the home you mentioned and it is priced very well. It sounds to me like you are submitting offers that a way too low. The identical home on the same street sold on 03/20/08 for $189,000. So $157,000 looks pretty good. Also as you agent hopefully explained to you if you are asking for closing costs and/or downpayment assistance(which you should with FHA) this further reduces the price that the bank is actually getting. So what are you really offering? Go back to your agent and run the numbers. Believe me, if you make an offer that will meet or exceed the number they already know they need to hit-they will be all over it. The market is starting to pick up so don't mess around too long if you are really set on that house. Just my opinion. ;0)
1 vote
sandra Jeffe…, Agent, clare, MI
Tue Apr 29, 2008
another viewpoint from a Realtor in Michigan. Find a agent who you work well with and form an agency relationship with that person. The agent will then be working for you and in your best interests. Sometimes there are better values out there from a seller as opposed to a bank owned property. so my advice is don't look exclusively at bank owned properties.
1 vote
Marcia Miller, , Brandon, FL
Tue Apr 29, 2008
Three offers is not that many, step back and slow down, you are trying to get the most bang for your buck, you're not alone, so are the other buyers in the area. I know this answer is very simplistic, but it also an honest answer. No one has a magic formula for getting an offer accepted, but one important ingredient is perserverance. Stay in the game and don't give up..
1 vote
Jeannine Dyer, Agent, Middleburg Heights, OH
Tue Apr 29, 2008
Yes, because you are not a professional you are not obtaining the correct information. How much below the asking price was your offer. If you have submitted 3 offers and none have been accepted than your offers are too low. Most people are under the impression that just because it is bank owned you can steal it . Not true. The bank has the home appraised before/during on the market and that is how they determine the price. Listening to the news makes the public think they can purchase 100,000 home for half the price, a real misconception. There is a price for every home. If your offer was reasonable and the bank would net what they needed you would own the home. :Your agent should be showing you comparables in the area so you and your agent TOGETHER can determine the best offer. Another thing you may not be aware of - some Bank owned properties are forwarded by fax and are only viewed once a week, they will take the best....very best offer....
1 vote
Mark Zabilow…, Agent, Lutz, FL
Tue Apr 29, 2008
Florida40,
Not sure where you would like to be in price, or what you consider the value to be on this home. Are you trying to get closing costs or downpayment assistance in your offers? Where have your offers been? have they been outright refused or have you received counters?
Mark
Mark
1 vote
Susan Mazik, , Bradenton, FL
Mon Oct 6, 2008
Are you still looking to buy in Ruskin? If so, please contact me -- smazik@aimmort.com
0 votes
Alma Kee, Agent, Tampa, FL
Tue Aug 19, 2008
A quick way to get an instant "market value": http://www.cyberhomes.com

It may not be an accurate value but will generally give a ballpark value.

Lender owned properties are often listed below market so if you're offering less than full asking price and if you need the bank to pay some of your closing costs, increase the price above their asking price if you truly think it is the right house.

As of October 1st, you will not be able to get an FHA loan with the Seller paying your 3% downpayment so if you're planning to take advantage of those Nehemiah or Ameridream type of Seller paid downpayment programs, you had better not delay in finding a property.

If you have at least 3% down and a full approval from a well known lender, your offer will appear stronger than one with a Prequalification from a mortgage broker that does not actually lend money. Another strategy is to get a preapproval from the lender that owns the property.

Good luck in your search. I'm sure you and your Realtor will find the right opportunity soon.
Web Reference:  http://www.soldontampa.com/
0 votes
Theace, , Tampa, FL
Sat Jul 26, 2008
If you've only made three offers (one is too many in my opinion) then lower you offer and keep lowering your offer.

This is the greatest "buyers" market in US history but it will get much much better so any offer you make today you are likely catching a falling knife!

Now is a terrible time to buy.

An honest real estate pro.
0 votes
Bill Eckler, Agent, Venice, FL
Fri May 16, 2008
Hey,
Sounds like you would really benefit from the insight of a real estate professional. Many buyers incorrectly feel they can get a better deal if they "go it alone." An agents knowledge and expertise can not only save your money but you "neck."
0 votes
Antonio, Agent, Tampa, FL
Tue Apr 29, 2008
Bank owned properties arv sweet deals........ if, you have a Realtor with an insight, that can tell you how much the bank is under, and thereafter base the offer.
Banks are weird with their assets, especially when they're "just listed".
I've dealt with quite few and made it trough almost at 1st attempt most of the time.
did you place a "low ball" offer? do you have a Realtor? if you would, please check me out.... and give me a call 813-785-7529 as any good Italian I'll make them an offer they can't refuse.......... :)
Web Reference:  http://www.hothomespot.com
0 votes
Linda Sherri…, , Kernersville, NC
Tue Apr 29, 2008
I agree with Kenya's advice. A Realtor is the best resource for getting a good home at a good price and understanding your market conditions. Good Luck.
0 votes
Kenya Simmons, Agent, Lithonia, GA
Tue Apr 29, 2008
Dear Florida40,

Do not become discourage. One solution to your problem would be to find a "real estate expert" that serves the area you are trying to purchase the home in. That professional will have the resources, skills and experience to find out abou this home as well as offer you more insight to what you believe is an unfair price for that market. Additionally, a realtor can also assist in preparing a solid offer on your behalf.
I hope this helps!
0 votes
Florida40, Home Buyer, 34677
Tue Apr 29, 2008
Some of the offers I have asked for closing cost (3 or 4 %). I have never asked for down payment assistance. I have about $8,000 saved but like most property virgins I don’t want to empty my bank account just to get into a house. I have an FHA loan so I have to pay the 3% down payment. My offers have been countered never out right refused in all three cases another offer came in and I couldn’t compete.
0 votes
Mark Zabilow…, Agent, Lutz, FL
Tue Apr 29, 2008
Florida40,
Let me look at the property for you and get back to you on what I feel the market price should be. I'm an agent (and live) in land O Lakes. You can call me at 813-849-8554 or email me at Mark@Homes4UinTampa.com.
Mark
Web Reference:  http://homes4uinTampa.com
0 votes
Florida40, Home Buyer, 34677
Tue Apr 29, 2008
I have a realtor. He tells me the offers I am submitting are great and acts surprised when they fall through. Maybe, I need a new realtor. It’s just frustrating to have money saved and my financing approved but I can find a house in today market.
0 votes
Brenda Starr, Agent, Austin, TX
Tue Apr 29, 2008
First of all, if you are not working with a Realtor, you should be. He/she can run the comps in the area to find out what it SHOULD be selling for and talks with the bank or listing agent to find out what is owed on the note. Sometimes a property is listed a little high for the area, but the balance of the note is what the bank wants. However, that being said, a Realtor can negotiate on your behalf which will benefit you in the long run.
0 votes
Michael J. C…, Agent, Hillsborough, NJ
Tue Apr 29, 2008
Although you may feel that a property is overpriced for the market, your real estate professional has a handle on what market conditions warrant and will suggest pricing with which to move forward. Remember, he wants to sell this property as much as you want to purchase it, so rely on his expertise in this matter.
0 votes
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