Home Buying in North Port>Question Details

Kathy, Home Buyer in Seminole, FL

if a home in north port fl is selling for 85000 would a 75000 offer paid in cash be a fair offer

Asked by Kathy, Seminole, FL Sun Feb 12, 2012

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Hi Kathy,
I sell a lot of homes in North Port and it is a hot market, great location. Many things come into play when bidding on a home. Will it be your primary residence or will it be an investment or second home? Is this property a short sale or is it bank owned REO, foreclosure? The reason I ask is that many banks will allow first bidding on REO properties to those who will occupy the home (primary residence) for the fist 10-14 days, if there is no viable buyer in that time frame, they will then look at investors or second home buyers. Cash can be a great negotiator, close faster, no financing problems. However, the comps on a property, by that I mean what similar homes have sold for, is key to the offer. I have been involved in many bidding wars on North Port properties under $100,000 because these go fast, many are wanting a great home at a low price in a growing community. My experience has been that these homes always sell for higher than the asking price unless there is a major problem, such as Chinese drywall. If you need an experienced Realtor to help you navigate the process, I would be glad to help you.
1 vote Thank Flag Link Sun Feb 12, 2012
Hi Kathy,

There are 3 types of Sales today:

1) Bank Owned - these are generally underpriced and get multiple all cash offers "above" asking

2) Short Sales - the listing price is purely ficticious until/if the Seller and Price is vetted by the lender who will take a loss. It's not possible to get a spectacular bargain on a Short Sale because it must be within a tolerance of the value determined by an appraiser or BPO.

3) Regular Sale where an owner actually has equity. These are few and far between so they sell for pretty close to full market value.

So let us know what type of sale you are looking at making an offer on and we can give you better advice.

All the best,
Alma
Alma Rose Kee PA
Future Home Realty
http://www.SoldOnTampa.com
0 votes Thank Flag Link Sun Feb 12, 2012
Hello, Kathy:

There are many interpretations as to what is fair, the first being fair to whom? A close second is why?
Responses to both tend to be complex, but in their simplest form:
1. Fair value is best described as what a ready, willing, and able Buyer and a ready, willing and able Seller will agree upon. This may be determined by simply asking, and receiving an acceptable response. Most often it requires deep understanding for the parties involved. In this case, you need a Realtor with very good knowledge of local market conditions, experience in applying data from comparable sales to predict the How's, Why's and When's your Transaction can be achieved rationally. What occurs emotionally is never fully predictable, but is almost always there for Buyers and Sellers.
2. Why requires more guesswork than reasons that people Buy or Sell anything. There are usually very dominant underlying reasons for people to move their residency. Sometimes the biggest reasons are not revealed. Other times they are obvious when you view their homes.
A good Realtor will see and know things that are not as obvious to untrained others, and will help you determine what it takes to put your specific Transaction together. A good Realtor has your best interests at heart, and wants to make everything clear and fair to Buyers and Sellers. You will never regret having the best representation on your side!
0 votes Thank Flag Link Sun Feb 12, 2012
I would recommend talking with a local Realtor and discussing your options. Fair is up to interpretation. Good luck to you!
0 votes Thank Flag Link Sun Feb 12, 2012
That's a really general question & impossible to answer without knowing all of the facts. How long on market? What have comparable properties sold for in the past 60-90 days? Does the condition warrant a lesser offer?
0 votes Thank Flag Link Sun Feb 12, 2012
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