Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
You have nothing to lose by trying. Remember, it's one thing to talk in generalities, as I have been, but it's another thing to talk about a specific property. Take a shot at it. Call your agent and say you intend to offer X dollars and does he/she want to write the offer or not?
I saw this one REO house.. gorgeous. I could tell there was a leak, but didn't know how old. It was priced at $114,900 we offered $105... long story short, we went back to see the house during negotiations while it was raining and turns out there was an active leak in a different area from where I saw the original "would-be" leak.
We walked away... later it came back on the market at $109,900... we asked the agent about the repairs(there WAS an offer but they walked away also)... he showed up the home inspection, and OMG... the roof shingles were torns... crumbling apart... leaks EVERYWHERE... possible foundation issues... VERY strong possibility that the house has been shifting and sliding down the slope it's been built on... pool issues.. electrical issues... plumbing issues... MOLD issues... pretty darn close to a tear down if not completely gutting and starting over.
It was such a rude awakening because the house looked in pretty darn good shape for a foreclosure(like move in ready).
Before they listed at at $114 it was listed at $130 and now it's at $109 and I know they won't sell it at that price because of the major structural issues.
My point? You have NO idea what type of issues the house has.. go in at whatever price you feel is fair for the amount of work that needs to be done that you can see with the naked eye...
She
Tell your realtor to do as you say or you will find another realtor.
I had a similar thing happen but my offer was accepted. Did home inspection and the house was beat to the tune if 60k in repairs. Wanted to resubmit for a lower offer, realtor refused saying the bank will not accept it. She wouldn't even try. I walked away both from the house and the realtor, completely disgusted.
Well turns out that both my realtor and the listing agent were wrong. The bank countered my offer. The listing agent said they wouldn't even counter, but they did. Again, both the listing agent and my agent are saying they won't go lower, but since the price is still too high for me, I will need to counter again. We'll see how it goes.
Quote:
Originally Posted by 1insider Just got an accepted contract on a Freddie Mac condo (east coast Florida) that was listed at $199,900. We offered $175,000 and they countered at $189,900. We countered at $177,000 and they countered at $184,900. We countered again at $178,000 and they accepted. Go figure.
Quote:
Originally Posted by divakat
Do you know how long it had been listed by the time they accepted your offer?
Sorry for the delay, just saw your question. Was listed for 33 days when they accepted our offer of 89% of asking price. BTW, we closed it yesterday.
I was taught to never even offer more than 65% of what is asked for, and then only after very careful inspection, and only after the place has been on the market for several months. Otherwise, you get burned too often. This stuff is big dollars, not monopoly money.
So the bank came back at 450k as their final offer. List price was 470k. We declined as it was still too high for us. It's been on over 60 days now days now so hopefully it will be reduced again soon and we can resubmit our offer before it sells.
I was taught to never even offer more than 65% of what is asked for, and then only after very careful inspection, and only after the place has been on the market for several months. Otherwise, you get burned too often. This stuff is big dollars, not monopoly money.
Most foreclosures you're not going to be able to wait months. In my market, the majority of foreclosures have contracts in less than a month, most at exactly 15 days after listing (after the First Look period expires).
Most foreclosures you're not going to be able to wait months. In my market, the majority of foreclosures have contracts in less than a month, most at exactly 15 days after listing (after the First Look period expires).
Up until the last 2 months it's been the same in my area. Prior to that properties went under contract within 48 hours and sold over list price. However, I've noticed a sizeable slowdown in the past 6 weeks.
No, there is definitely no rules, it also depends on the strength of your offer, are you FHA, Conventional, Cash, or Cash with no contingencies and articles of incorporation?
We have submitted a cash offer at OVER list and been denied after the house was sitting for two months with no activity. We have also submitted a conventional mortgage offer for 4.5% under list and they came to the table and started negotiating after it had been on the market for just 5 days.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
