I offered 395k w/20% down using a conv. loan on a house in Los Angeles. Asking price was $399,900 and is bank owned. Good chance at getting it?

Asked by La-buyer, 90044 Tue May 15, 2012

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Darrell Hess, Agent, Asheville, NC
Thu Jun 27, 2013
Wonder if she got it....

(this portion of the answer fulfills the minimum character requirement)
0 votes
Gail Mercedes…, Agent, Beverly Hills, CA
Thu Jun 27, 2013
Question in 2012 and this is 2013. The housing market has changed. Active listings are seeing multiple offers. Generally when there are multiple offers the property has overbids. The 20% down payment is great but with overbids may have buyers with 20% down payments offering with amounts over the asking price. Depends on competition.

Good Luck
Gail Mercedes Cole
Exp Realty
310.853.9933
0 votes
inna ivchenko, Agent, Calabasas, CA
Thu Jun 6, 2013
All depends. Who is selling it? Fannie/homepath/ usually start way high.
Also, would be it be an owner occupied or not?
How long has it been on the market?
What did your agent say?

Long story short: the inventory of houses for sale is low, every reo has 10-80 offers.
Do you wan to buy a property or to try your chances?
0 votes
Gail Mercedes…, Agent, Beverly Hills, CA
Wed Jun 5, 2013
Posted May 15, 2013 hopefully you got property. Best of Luck!

Gail Mercedes Cole
Exp Realty
310.853.9933
0 votes
Stephanie Ha…, Agent, Torrance, CA
Tue May 15, 2012
Many bank owned properties are put on the market slightly below market value. In the current market we're seeing a lot of properties go quickly, above asking price. All over the news buyers are hearing "this is the last year before pricing will increase". Thus, buyers are upping their game!
The steps I take when representing a buyer on an REO are as follows.
1. Call the listing agent to see if any offers have been presented to the bank?
2. If so have any counters (addendum a's) been issued?
3. Are any offers cash or above asking (not all agents will hint about pricing but they will usually tell you this)
4. Do you plan on holding offers over the weekend (bank asset managers don't work weekends, not all agents will submit over the weekend)?
I will then run comps and send them to my cliesotho show the average sales price for closed comps over the last 3-6 months. The answers to the above stated questions, plus length of time the home has been on the market will impact an offer price dramatically.
Happy house hunting!
Stephanie Hart
Broker-Associate
Forecast Realty
310-918-6856
CA DRE 01338444
http://www.hartssellsouthbay.com
0 votes
Laura Coffey, Agent, Santa Clarita, CA
Tue May 15, 2012
I would have hoped that your agent ran the comps and/or asked if there was multiple offers. Being that inventory is extremely low and most listings are going out over list .... hmmm I would hope they send a highest and best.
0 votes
Dan Tabit, Agent, Issaquah, WA
Tue May 15, 2012
La-buyer,
Did your agent run a market analysis? Had the home received lots of attention or were there very few showings? In my market some homes in this price range are going for full price and even more, others that are overpriced will sit on the market until they lower the price.
The offer sounds reasonable in general, but list prices can be high, low or just right, they are not set by any absolute objective standpoint.
0 votes
Cindy Davis, Agent, San Diego, CA
Tue May 15, 2012
The answer to that is truly unknown to any agent other than the listing agent. It depends on what the market value of the home is, and how many other offers they have. If they have full price cash offers, you would not get it. If yours is the highest offer, you have a good chance.

If there are multiple offers, you will likely be notifieid of that fact, and be given one more chance to make your 'highest and best' offer.
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