Kim, Home Buyer in Duncan, SC

i found a reo fannie mae homepath renovation fpreclosure. List price 55,900. What should I bid? Needs a lot of work

Asked by Kim, Duncan, SC Fri Sep 7, 2012

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whill58523, Home Buyer, Spartanburg, SC
Wed Dec 12, 2012
If it needs a ton of work, I would offer 1/2 the asking price or less. It's heading into winter and if it has been on the market more than 90 days and needs a ton of work, I would offer less than half.
0 votes
Millie Lumpk…, Agent, Orland Park, IL
Fri Sep 7, 2012
Kim, I would suggest that you find a local realtor to work with you as a buyer agent. The agent can determine the market value based on comps in your area. That is the only way to determime if the home is appropriately priced. From there, its up to you to decide whether it makes sense for you to make an offer based on your resources and the amount of work needed.
0 votes
Ron Thomas, Agent, Fresno, CA
Fri Sep 7, 2012
LISTING PRICE
Understand that the LISTING PRICE has one primary objective, to attract attention: It is not intended to be set in stone, and in many cases it is not even a good guideline toward the SELLING PRICE.
Some Sellers believe that by setting the LISTING PRICE high, they can always come down, and people will make an offer anyway: WRONG! Buyers will just bypass the property and look at houses that are within their price range. And six months from now, the Seller will slowly start lowering the PRICE, (this is called “chasing the curve”) and Buyers will be asking the question; “What’s wrong with that house?” and “Why has it been on the Market so long?”
Other Sellers set the LISTING PRICE low, to attract multiple offers. (The correct strategy.) We are asked; “Aren’t you obligated to sell at this price if someone offers it?” The answer is probably not; for that to happen, you would first have to have only one offer, and secondly, the offer would have be exactly the same, down to the smallest detail, (please discuss this with your Realtor).
Another thought; Buyer will search for potential properties by groups; for example, $400,000 to $450,000, and $250,000 to $300,000. If your house is priced at $460,000 or $310,000, the Buyers will never see it. (something else to discuss with your Agent.)
Different Banks have different philosophies about pricing their properties: You cannot draw any conclusions without a good analysis.
Have your Realtor do a CMA, (Comparative Market Analysis) to help you determine your Offering Price. It is the surest way to determine the Market Value of the property.
0 votes
Tim Moore, Agent, Kitty Hawk, NC
Fri Sep 7, 2012
I bet you are looking to low bid the offer and you might be surprised to see several offers and offers well above the asking price. It all depends how bad of shape it is in. The bank that owns it can wait longer than you can for better offers too. Good luck.
0 votes
Keith & Kins…, Agent, Verona, WI
Fri Sep 7, 2012
Some of these go well over asking price depending on how many offers there are. I would find an agent experienced in foreclosures and let them tell you how much it could be worth fixed up, and how much it's worth as is. They can also get an idea of how much activity the listing has. Then you will be able to judge a what a good offer price and value would be. Good luck!
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