Purchasing a foreclosure

Asked by Cassandra Skipper, Canal Winchester, OH Fri Apr 18, 2008

What is the best percentage amount to offer for a foreclosed home under the asking price?

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5
Patricia Ber…, Agent, Vancouver, WA
Wed Apr 23, 2008
In our area of Vancouver Washington, Portland Ore we have seen the foreclosure market sway in both directions. In most cases if you consult a Realtor in your area they can research the comparable properties and speak with the listing agent and find out if the bank is firm on the listed price, and if it is in a shortsale position there are absolutely no guarantees that the bank will accept the listed price unless the agent has been notified the bank has done the appraisal and has agreed to the listing price.
Most foreclosures are selling here at tax values. But it depends on the banks to negociate any offers and can take up to 2 months and they do not always respond until they have more than one offer in place.
They are not the easiest or best way to purchase a new home. We have homes & land listed here in all price ranges that are priced below what a foreclosed property in that same price range etc.
You really just have to shop around with a good realtor that will work dillegent for you.
0 votes
Bette Libera…, Agent, Maple Grove, MN
Wed Apr 23, 2008
There isn't a set percentage price that works in all situations. Your Realtor should provide a market analysis of the neighborhood to compare the current sale prices with the list price of the foreclosure you are considering. This should give you an "average" of what homes in that area are selling for. You then have to factor in the dollar amount of repairs needed on the property and deduct that from the asking price, making sure to give yourself an allowance that's adequate to cover any unknowns. Be prepared to wait for an answer to your offer from the bank which has been taking two months in many cases.
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Amber Herbst…, Agent, Powell, OH
Wed Apr 23, 2008
Consult a Realtor in your area to find some comparable properties in the neighborhood, and base your offer on the condition of the home vs. other sold homes in the area.
0 votes
Christina Ca…, Agent, Washington Township, OH
Sun Apr 20, 2008
Ask your Realtor to do a Market Analysis and Trendgraphics Report for you to determine what the home is worth. Typically, foreclosed homes sell for less than 97% of asking price. If you have anymore questions, please let me know. I'd be happy to help!

Christina Asad Edwards, REALTOR
2006 & 2007 Sales Masters Top Agent
Christina.AsadEdwards@RealLiving.com
http://www.teamedwards.info
mobile or text 937-205-4741
office 937-573-0082
fax 937-433-3561
Real Living Realty - #1 in OHIO!
Realty, Mortgage, Title, Relocation
Web Reference:  http://www.teamedwards.info
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David M. Chi…, Agent, Uniontown, OH
Fri Apr 18, 2008
There is no rote answer for that question. A bank will weigh all the offers to a property and make a decision based on the offers. Make an offer and see what they answer. If you really want it, a good price can be had!!!
Web Reference:  http://www.liveinakron.com
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