I found a short sale that has been vacant for sometime, not maintained,no other offers. Should I still go by recent comps in area when making offer?

Asked by Rose, 34613 Wed Feb 8, 2012

Help the community by answering this question:

+ web reference
Web reference:

Answers

11
Dallas Texas, Agent, Dallas, TN
Wed Feb 8, 2012
Your buyers agent is the expert to address your questions to ? Each property stands alone on how to submit a winning sales offer.
1 vote
Kevin, Agent, Austin, TX
Tue Feb 14, 2012
My suggestion would be to hire an agent to represent you in the transaction who works the area and ask them provide you a comparative market analysis for the property, before they write up your offer.

My primary reason for saying this is that Texas is a non-disclosure state, and therefor the recent comps the public sees on line may not be accurate or reflective of the true sales amount. To have access to the actual sales information, one has to be a licensed agent and a member of the local board of realtors.
0 votes
Bruce Lynn, Agent, Coppell, TX
Fri Feb 10, 2012
Comps are comparable similar homes. You should compare like homes for bids, appraisals, etc....So in a nieghborhood of 50year old houses, and one is update with stainless steel appliances, hard wood floors, new kitchens, baths, roof, HVAC, lighting, door hardware, etc is not comparable value wise to the one next door that hasn't been touched.
Web Reference:  http://www.teamlynn.com
0 votes
Sherry Hindm…, Agent, Round Rock, TX
Thu Feb 9, 2012
Hi Rose,
I agree with several comments below. Number one on that list is you should have a buyer's agent to represent you in this. A trusted agent that knows the Pflugerville market is your best bet. I would definately suggest you get a property inspecton and then the offer will have to reflect what is going on around the house in question. Again, your buyer's agent can give you all the stats to help you. Don't have a buyer's agent? Feel free to call me. Sherry Hindmarsh RE/MAX Capital City and a resident of Pflugerville for over 20 years. (512) 731-8316 or message me on FB: SherryHindmarshPflugervilleRealtor. Thanks and good luck.
0 votes
Suzanne Gant…, Agent, Austin, TX
Thu Feb 9, 2012
I live 5 minutes from Pflugerville and do many transactions there. Let me know if you would like to go look at the property you are interested in. I can provide you the information in person.
Web Reference:  http://www.suziesells.com
0 votes
, ,
Thu Feb 9, 2012
When you say there has been no maintenance, you should be very careful. Be sure to have an inspection, if you get the house under contract. Also, remember the appraisal would be subject to any repairs that the appraiser would require. You might have to consider the FHA 203(k) rehab loan, or a Fannie Mae HomeStyle renovation loan.

These are all issues a licensed mortgage loan officer should discuss with you when doing a thorough prequalification. I would be glad to help with that.

Barbara Coker
The Coker Team
Licensed NMLS# 228545
100% Home Loans All Over Texas!
barbara@thecokerteam.com
Web Reference:  http://www.thecokerteam.com
0 votes
, ,
Thu Feb 9, 2012
When you say there has been no maintenance, you should be very careful. Be sure to have an inspection, if you get the house under contract. Also, remember the appraisal would be subject to any repairs that the appraiser would require. You might have to consider the FHA 203(k) rehab loan, or a Fannie Mae HomeStyle renovation loan.

These are all issues a licensed mortgage loan officer should discuss with you when doing a thorough prequalification. I would be glad to help with that.

Barbara Coker
The Coker Team
Licensed NMLS# 228545
100% Home Loans All Over Texas!
barbara@thecokerteam.com
Web Reference:  http://www.thecokerteam.com
0 votes
Bill Eckler, Agent, Venice, FL
Thu Feb 9, 2012
Rose,

The best thing you can do is commit to working with a local agent skilled in "short sale" transactions. You should know that with short sales there are two acceptances...the first by the present owner and the second by their lender(s).

The assigned asking price should be(but may not be the case) very close to the current property value. The bank will have BPO's and/or and appraisal done on the property to help justify their sale price. Bottom line is that your offer amount is of little concern to the lender. They will assign their price and you will need to negotiate that number to achieve success.

Short sales can be challenging and time consuming but also rewarding.....there are no certainties in the short sale game.

Hope this is helpful.

Bill
0 votes
Don Groff, Agent, Austin, TX
Wed Feb 8, 2012
Hi Rose,

You would have to account for the condition of the home when determining value in comparison to the other similar homes currently listed and sold. If the home has been on the market for quite some time it is obviously overpriced. Your agent can help you with determining value by showing you the comps and seeing how they compare to the home you are interested in as far as amenities and condition.

Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o.512.669.5599 m.512.633.4157
listings@dongroff.com
0 votes
Laura Feghali, Agent, Stamford, CT
Wed Feb 8, 2012
Hello Rose,
Yes, you should be aware of what similar homes have sold for in that neighborhood recently. But do factor in the condition of the house and property when doing your comparisons. The bank, who has the final say on the sales price, will (or should be) be reviewing the comps as well.

Good luck to you!

Laura Feghali
Prudential Connecticut Realty
0 votes
Amanda Merch…, , Orlando, FL
Wed Feb 8, 2012
An appraisal will be done in a short sale and they will use those numbers. Depending on the condition and any other variables, the price can be affected, but the area comps will way heavy on an appraisers opinion. Hope this helps. Feel free to email me with any more questions,

AMANDA MERCHANT
GLOBAL REALTY INTERNATIONAL
4950 Hall Rd
Orlando, FL 32817-1073
E-mail: amandamerchantrealestate@gmail.com
Direct: 407.982.6867
Office:407.671.3800
0 votes
Search Advice
Search
Ask our community a question
Home Buying in Nearby Locations

Email me when…

Learn more