I am looking at a home that has been foreclosed on in Mount Holly. The asking price is $89,500. We are wanting to offer $72,000. Is that to low?

Asked by Krista Hubert, Mount Holly, NC Tue Jan 25, 2011

The home has been on the market for right at a year. I didn't know if this would be to low of a low balling price to offer.

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Bill Carey, Agent, Charlotte, NC
Tue Jan 25, 2011

$72,000 maybe too high!! Do you know what amount the bank foreclosed on the property? A good Realtor can find out that very important piece of information for you. Knowing what the bank has in the deal will help you structure your offer. Fact over 50% of sales in 2010 were distressed properties where buyers had taken advantage of the banks and got great deals on some beautiful homes.

The second thing you want to know is what is the current value of that home in the neighborhood? A properly completed CMA will tell you more valuable information..

The third thing you need to know is since we are in a declining market what is the rate of decline. Mount Holly is not much different than Charlotte where the values had decreased 3.7% last year. With this factor a realtor who specializes in real estate investing can help you work into your offer.

My wife and I sold our Matthews home and bought a "Short Sale" and saved a boatload of money using the above figures in our sale price and offer. Below are some of the facts;

We put our home on the market last June it was in super excellent condition freshly painted in & out landscape top notch model home ready. We priced it a little below the market price based on an apprasial and 2 agent comps. Listed the home in the MLS made it easy for agents to show had 12 showings in 9 days. Signed a contract on the 10th day and closed 25 days later. Price came in less than what we wanted we spent $3,000 into getting it ready and that was OK because I knew we could make it up when we bought.

My wife and I did just that we saved a boat load of money on a "Short Sale" it took less than 30 days to complete the process and close on the property. Not 4-5 months or even 6 months if a all as many broker/agents say. We bought a Water Front , new construction home with all the bells & whistles on Lake Wylie. The bank in a short sale will accept less than what is owed on the mortgage in this deal the bank accepted $325,000 less. I call that a boatload of money when you can save $325,000 on a new home purchase.

Many brokers/agents don't want to help buyers with "Short Sales" they say it's just too much work. It is a lot of work for the agent but in the end you could be in your dream house with big savings to do other things like buy a boat..

Best of Luck...

Thank you,
Bill Carey, Broker/Realtor
Certified Short Sale Specialists
Cell 704-905-0740
Fax 866-343-5945
0 votes
Dallas Texas, Agent, Dallas, TN
Tue Jan 25, 2011
You can submit any offer you like HOWEVER your buyers agent is the professional offer guidance. Virtual answer is not to your benefit more questions need answers.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes
Sally Grenier, Agent, Boulder, CO
Tue Jan 25, 2011
What does your REALTOR say? Not working with one? You should be. A real estate transaction is probably the largest, most expensive deal of your life. It's best to have a professional working for you and looking out for your best interests.
0 votes
Bill Eckler, Agent, Venice, FL
Tue Jan 25, 2011
For a bank owned property that's been on the market for that amount of time the seller may be more receptive of an offer below their asking price. Keep in mind however, they should have current BPO and/or appraisal information on which to base their decision.

Not knowing the specific property or local market conditions make it difficult to provide information but a $17,000+ decrease in price may be a bit aggressive. Our recommendation is to confer with your real estate professional and review recent sales information for similar homes in this location and use this as a basis for your offer. It can be helpful to have supportive information to present with your offer. But it's always best to "keep offers real."

Good luck,

0 votes
allan erps,A…, Agent, Pearl River, NY
Tue Jan 25, 2011
Hello, The answer is who knows? If there are no offers on the Table get your paperwork in immediately. The Bank may adjust the Selling price but is more likely to deal with you. ALways subject to a better offer coming in(Cash,etc.) but act now! Good Luck, Allan
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