If 400K is owed on a home, and the prop. appaiser has it valued at 371K, what should I offer on a shortsale?

Asked by Havanas, 34734 Thu Oct 15, 2009

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Louis Wolfs…, Agent, Needham, MA
Mon Oct 3, 2011
Havanas, if you have to ask you should not be buying at any price.

You should have a need and know what you can get in your market place and how the home your interested in stacks up, condition wise and price wise.
0 votes
Ken Anderson, Agent, Orlando, FL
Mon Oct 3, 2011
Have your agent do a BPO ( brokers price opinion) for the home. this will give you a better idea of value. The way I arrive at the best price depends on many things but the assessment value is not among the factors. Feel free to contact me if you want to figure out how to make this the best deal. As an agent I don't chearge the administrative fees so I will be a good experience.

All the best,
Ken Anderson
ApexOne Realty, Inc
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Mark LeMenag…, Agent, Lake Nona Orlando, FL
Sun Oct 18, 2009
Hi Havanas,

The amount of the mortgage outstanding and the County Appraiser's tax value have little to do with the value of the home in the current market. You have not included a link to the property you are looking at, so there is no way to give you even a rough guide to the home's value. Ask your question again, but from the details of the property. There will be lots of pros giving you an opinion.

Good Luck,
Mark LeMenager
Weichert, Realtors - Hallmark Properties
0 votes
James Gordon…, Agent, Hamilton, OH
Fri Oct 16, 2009
Havanas do not confuse tax assesed value and an appraisal. Have your Realtor® run comps to see what properties in the area are worth and write your offer knowing that the lender will normally go a little under that. Good luck and on short sales be prepared for a wait on the lenders response.
Web Reference:  http://www.Find1Home.com
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Michelle Cote, Agent, Town and Country, MO
Thu Oct 15, 2009
Depends on the property condition. If you plan to mortgage the home - your mortgage company certainly will not ok a deal that it cannot collect on...
Appraisers don't always take into consideration what is going on inside that "pretty face".
I suggest a very thorough inspection - so you know what you are getting yourself into. Base your offer on the comps in the area and well thought out numbers that need to go into the home (to bring it up to snuff).
You know what they say about short sales...
(if you don't - talk to someone that does!)
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