Trishthedish1, Home Buyer in Tarpon Springs, FL

how much should i offer for a home that is pre forclosure and also a short sale?

Asked by Trishthedish1, Tarpon Springs, FL Mon Feb 25, 2013

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5
Trish,
Recent research I have completed in Dunedin, Palm Harbor, Clearwater and Safety Harbor show short sales often sell for 15 to 37% below area comparable values. It is this number, COMPARABLE SALES, that you must be concerned with, NOT the list price.

A good starting point would be review the "Market in a Minute" reports I have published here on Trulia. If you would like a report on a community in which you have interest, give me a call.

No, don't use that 'contact' link.
Go old school and call.

Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
727.420.4041
0 votes Thank Flag Link Mon Feb 25, 2013
Sure you can offer less than the asking price, but remember everyone and their mother is doing the same thing and then there is a bidding war, so don't get your hopes up. My suggestion is to offer a fair price, if it is a home you really like and fits all your needs.
0 votes Thank Flag Link Mon Feb 25, 2013
There is no set answer for that question. Today, banks and homeowners are having BPO's (broker price opinions) or appraisals done to make sure that they get the best offer on a distressed property. Have your real estate agent check the recent sales in that community or neighborhood. Just because the home owner is willing to walk away from the mortage and short sale the property, doesn't mean that the bank will accept a low ball offer. Let us not forget that our government makes banks "whole", when selling distressed properties.
0 votes Thank Flag Link Mon Feb 25, 2013
Pre foreclosure and short sale are the same thing. Find a Realtor and let them help you.
0 votes Thank Flag Link Mon Feb 25, 2013
Hi Trish,

This is where the services of an experienced local real estate professional is important. Your offer should be a reflection of the current local real estate activity, being based on recent market activity of similar homes.

It should also take into consideration the condition of the property and what, if anything, needs to be done to make the home inhabitable. This doesn't mean to your highest standards but clean, acceptable, and liveable.

Sometimes the best short sales are those with "bank approved" prices. This simply means the lender and seller are far enough along in the process that the bank has clearity in what a reasonable price expectation would be. This can streamline the buying process greatly.

Hope this information is helpful.

Bill

billeckler@michaelsaunders.com
941-408-5363
GRI, Five Star, Top Producer
0 votes Thank Flag Link Mon Feb 25, 2013
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