if a bank owned house is 130k would it be possible for me to get it for 90k if i pay cash on the spot?(if not what would be a reasonable offer)

Asked by Craige, Lehigh Acres, FL Mon Mar 26, 2012

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James Ryan, Mortgage Broker Or Lender, Leesburg, VA
Mon Mar 26, 2012
why not offer what you feel it is worth. The worst that can happen is they say no, perhaps they counter you. You can always up your offer the second time around.
Of course, you do risk losing the home to a higher initial offer....

Best wishes, Jim
1 vote
Shaukatali K…, Agent, Katy, TX
Mon Apr 9, 2012
One needs to make an informed market decision whre this house is.
Any repairs needed??
What are similar homes going for in the last 6 months in the same area.
Get a professional in your team --- a Realtor.
Good Luck.
0 votes
Genevieve Ra…, Agent, Punta Gorda, FL
Mon Mar 26, 2012
Ask your Realtor to find out what similar properties in the area are selling for. Base your offer on that. You never know what the bank is willing to accept.
Good Luck!
Genevieve Ramachandran
0 votes
Marco Gomez &…, Agent, Jackson Heights, NY
Mon Mar 26, 2012
You should make your offer based on the comparable using an application such as geodata or Propertyshark.

Regards,
Marco Gomez
NY State Licensed Associate Broker
Realtor®
Keller Williams Landmark II
Mobile: (917) 734-2012
Fax: (877) 817-9101
marco.gomez@gmail.com
0 votes
Richard Lemon, Agent, Merritt Island, FL
Mon Mar 26, 2012
Yes it is very possible, Banks just want to get those accounts off of the books.
0 votes
Susan Hofmann, Agent, Fort Myers, FL
Mon Mar 26, 2012
Craige,
which listing in Lehigh Acres are you talking about? I can pull up the listing and see how long its been on the market, what the comparables sell for, and you will have a better idea if you might be able to buy it for 90k or if the market value is higher or lower.

Thank you,

Susan Hofmann
Amstate Advantage Realty
5106 Lee Blvd, Lehigh Acres, Fl 33971
susan.hofmann@amstateadvantage.com
239-322-6401
0 votes
Alma Kee, Agent, Tampa, FL
Mon Mar 26, 2012
If the property has been listed at $130k for at least 30 days then you may have some room to bargain. Also if the house has serious condition issues, i.e. Chinese Toxic Drywall, Leaking Roof or Mold then CASH is king.

Ask your Realtor to pull up a quick report that shows what bank owned listings are selling for based on the days on the market versus the asking price and it will likely show the ones listed for 30 days or less sell pretty close to or even above asking price.

If you're not yet working with a Realtor, find one to help you. The very best deals will go under contract the first day it is listed so if you have to wait until the listing agent gets around to showing you, you will miss out. Also an REO/Bank owned listing agent would be stupid to reveal any competing bids because they could risk losing their listing privileges with that asset manager. Many REOs receive multiple offers the first day on the market so you will be advised to submit your highest and best offer and you will not be made aware of any competing offer amounts.

All the best,
Alma Kee
http://www.SoldOnTampa.com
0 votes
Marge Bennett, Agent, Fort Myers, FL
Mon Mar 26, 2012
Please have your Realtor run the comparables, including the sales. Base the offer on those numbers. Cash does talk, but the bank is looking at their bottom line too. Most of the foreclosures are priced right to start with.
0 votes
Mark Washburn, Agent, Cape Coral, FL
Mon Mar 26, 2012
Although anything is possible, that sounds like a highly unlikely scenario. For the entire year of 2011, 18,624 homes sold in Lee County and the average selling price was 94% of listing price as detailed in this blog post: http://www.gulfreturns.com/2012/01/fort-myers-homes-sold-for…

The three year market trends in Lee County, which have been significantly driven by distressed sales also do not support that type of discount to list: http://www.gulfreturns.com/2012/01/fort-myers-3-year-housing…

Good luck with your search!
0 votes
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