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Hi everyone, I am interested in buying a townhouse that is being sold at a foreclosure sale. The county appraisal for the place is $62,000 In between repairs, HOA overdue fees, and closing cost I will have to paid upfront, close to $11,000. I'm curious to know what would be the asking price most people would ask the bank for this townhouse, and still have a fair chance of getting it? I am very much interested in buying this townhome. Thanks.
By "county appraisal", I assume you mean the tax valuation? What you really need to determine current value is to look at recent comparable sales, adjusting for location, condition, and amenities. Once you have a good handle on market value, then you can decide how aggressive you want to be on offer price. If you have a lot of competition, then you may not have much wiggle room if any.
If you plan to bid at the foreclosure auction, then you need to read up on the rules of the auction. Typically, you will need all cash payable within a day or so of the auction, with a hefty up front deposit.
By "county appraisal", I assume you mean the tax valuation? What you really need to determine current value is to look at recent comparable sales, adjusting for location, condition, and amenities. Once you have a good handle on market value, then you can decide how aggressive you want to be on offer price. If you have a lot of competition, then you may not have much wiggle room if any.
If you plan to bid at the foreclosure auction, then you need to read up on the rules of the auction. Typically, you will need all cash payable within a day or so of the auction, with a hefty up front deposit.
Thank you. There are plenty of homes for sale in the area, and most have been in the market for more than six months. I have a home equity line of credit which I may later convert into a loan. Not so sure about the recent sales, because since Jan of this year, most of the buying is done by banks. I am not going to make my offer based on any message boards, but it would be interesting to know, what most people think would be a fair offer. I have one in mind, but don't want to be too low.
...I am not going to make my offer based on any message boards, but it would be interesting to know, what most people think would be a fair offer. I have one in mind, but don't want to be too low.
It's impossible to say what a fair offer would be without knowing a lot more about the property, area, and comparable sold homes. The tax valuation is usually not a good indicator of market value. I suggest finding a good buyer's agent to help you determine what is reasonable value for the home, and to help you through the purchase. Bank owned home sales can be convoluted, and the bank contract addendum is stacked against you.
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Thank you. There are plenty of homes for sale in the area, and most have been in the market for more than six months. I have a home equity line of credit which I may later convert into a loan. Not so sure about the recent sales, because since Jan of this year, most of the buying is done by banks. I am not going to make my offer based on any message boards, but it would be interesting to know, what most people think would be a fair offer. I have one in mind, but don't want to be too low.
