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Old 05-12-2011, 03:54 PM
 
Location: NW Austin
1,133 posts, read 2,748,875 times
Reputation: 164

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I found a foreclosure that is PERFECT for me. At least online anyway.

It's listed slightly out of my price range so I was wondering how much wiggle room there is with a foreclosure...? I expect this one to go pretty fast if not receive multiple offers. I'm going to see it this afternoon with my agent... so if it's something I'm interested in, do I offer the asking price or try to work a deal for something lower knowing that it may get other offers in?

I know NOTHING about foreclosures other than it's "as-is" condition.

Please share any advice. Thanks!
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Old 05-12-2011, 03:56 PM
 
Location: Pflugerville
2,213 posts, read 2,493,217 times
Reputation: 2175
Quote:
Originally Posted by atlanta hope View Post
I found a foreclosure that is PERFECT for me. At least online anyway.

It's listed slightly out of my price range so I was wondering how much wiggle room there is with a foreclosure...? I expect this one to go pretty fast if not receive multiple offers. I'm going to see it this afternoon with my agent... so if it's something I'm interested in, do I offer the asking price or try to work a deal for something lower knowing that it may get other offers in?

I know NOTHING about foreclosures other than it's "as-is" condition.

Please share any advice. Thanks!
Since you have an agent, what does your agent say?
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Old 05-12-2011, 03:57 PM
 
Location: Austin, TX
8,737 posts, read 18,031,156 times
Reputation: 3553
Take a walk through and hang up some stickers that look like holes in the walls, and maybe a few fake roaches here and there...then there won't be so many offers .
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Old 05-12-2011, 04:14 PM
 
Location: Avery Ranch, Austin, TX
5,321 posts, read 6,503,102 times
Reputation: 1987
Quote:
Originally Posted by atlanta hope View Post
I found a foreclosure that is PERFECT for me. At least online anyway.

It's listed slightly out of my price range so I was wondering how much wiggle room there is with a foreclosure...? I expect this one to go pretty fast if not receive multiple offers. I'm going to see it this afternoon with my agent... so if it's something I'm interested in, do I offer the asking price or try to work a deal for something lower knowing that it may get other offers in?

I know NOTHING about foreclosures other than it's "as-is" condition.

Please share any advice. Thanks!
Dang hope, I 'hope' this works out for you. I've never heard of an 'as is' foreclosure that didn't have some surprises. Maybe this will be one of the 'good' ones.

Guess your walk-through will reveal some of the good AND bad. Good luck!
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Old 05-12-2011, 04:21 PM
 
Location: NW Austin
1,133 posts, read 2,748,875 times
Reputation: 164
My agent is tied up today and her assistant is showing it to me... I'll call her later and quiz her but I thought it might be nice to get multiple opinions.

I'm used to surprises -- seems like even with a new house there are some issues. This will be my fourth house so hopefully I know some things to look out for. Of course a house inspector would help a lot too.
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Old 05-12-2011, 04:24 PM
 
Location: Avery Ranch, Austin, TX
5,321 posts, read 6,503,102 times
Reputation: 1987
hope, just a thought...Is this house still occupied? If so, that opens another potential can of worms when things 'disappear' at move-out time. Plenty of horror stories out there regarding the condition 'before' and 'after' the current owners move.
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Old 05-12-2011, 04:41 PM
 
369 posts, read 535,128 times
Reputation: 235
I looked at a lot of foreclosures in Cali
I could not believe how bad some were
People destroy the inside sometimes

MANY fealt by the time you buy the foreclosure, and get
it up to snuff, you're right in the ball park of a regular sale, sometimes more

Buyer Beware
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Old 05-13-2011, 07:16 AM
 
576 posts, read 765,558 times
Reputation: 459
Quote:
Originally Posted by atlanta hope View Post
I found a foreclosure that is PERFECT for me. At least online anyway.

It's listed slightly out of my price range so I was wondering how much wiggle room there is with a foreclosure...? I expect this one to go pretty fast if not receive multiple offers. I'm going to see it this afternoon with my agent... so if it's something I'm interested in, do I offer the asking price or try to work a deal for something lower knowing that it may get other offers in?

I know NOTHING about foreclosures other than it's "as-is" condition.

Please share any advice. Thanks!
Make an offer that you can live with whether it is above or below the asking price. Take a good look through it before making the offer and see if you can tell what will need to be done so you can account for that in your offer. Some of these Inspectors will walk through with you for a smaller price and help you with that if you want.

Don't get caught up in the BS that "There are several other offers higher than yours" garbage from the agents trying to run the show and make more off of you! If you make an offer you can live with and stick to it you will be happier later when you do get the home.
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Old 05-13-2011, 08:27 AM
 
4 posts, read 12,607 times
Reputation: 13
For clients requesting foreclosure information it comes down to this... You can offer whatever you feel you would like to offer, but we will base this on the other "sold" data in the area. This should have been how the bank came up with their price too. In today's market, it is usually possible to find "comparable sold foreclosure homes" that would give some guide for a reasonable offer. I never offer full price unless we are in a multiple offer situation. And, we know we are in a multiple offer situation, not because we have been told so, but rather, because we have received the CORRECT FORM, signed by the listing agent, informing us of this multiple offer situation. When you are buying any property, it is always wise to get the input from a professional REALTOR. This is all we do...
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Old 05-13-2011, 08:33 AM
 
4,030 posts, read 6,274,813 times
Reputation: 1648
Quote:
Originally Posted by atlanta hope View Post
I found a foreclosure that is PERFECT for me. At least online anyway.

It's listed slightly out of my price range so I was wondering how much wiggle room there is with a foreclosure...? I expect this one to go pretty fast if not receive multiple offers. I'm going to see it this afternoon with my agent... so if it's something I'm interested in, do I offer the asking price or try to work a deal for something lower knowing that it may get other offers in?

I know NOTHING about foreclosures other than it's "as-is" condition.

Please share any advice. Thanks!
Ask your agent how many foreclosures they have bought. It is completely different and if your agent hasnt done it before they will probably screw up the negotiations.

My agent said that all offers have to be approved by the bank. In the case of one that we were looking at, there was a second as well. He said at the price that was listed, the second would get completely screwed so would never approved. So unless the first and the second had already worked out a deal the deal simply couldnt happen at that price.

He asked the selling agent and she confirmed that the seller had not taken the price to the banks for approval, but that the bank had previously rejected a firm offer 75K higher than the current asking price before.

This is just one example of how agents not knowing how to buy/sell foreclosures can screw up the process.
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