Buying a house in Bend - Offer price under listing?? (short sales, foreclosures)

[khunguni]

We are hoping to buy a house in Bend, Oregon in the near future. We can afford about $250,000. Question: What is the maximum price we should look at? For example, can we look at houses listed for $275,000 or more and hope to bargain down to $250,000. How much under the asking price is appropriate in this market? 10, 20, 30, even 40 thousand under? Thanks for any insight.

[Bendite]

The risk of low bidding is, of course, that someone will come in higher than you do. Your realtor should be able to help you make that decision. It will probably depend on the house and its desireablility. If you really love ths house, then think twice about low-balling your offer unless you know there isn't much competition.

[kimhamblin]

I would look up to the $280 range, but negotiating depends on unknown factors. Find a good realtor who can help you out.
The first things I would check time on the market and history in the mls system to see if it's be re-upped 17 times. Then check the tax records to see if the owners are out of state- maybe a job transfer or an investment property. An owner occupied doesn't necessarily have to sell and may not be open to lowball. Focus more on empty houses if you want a deal.
If someone in Bend has their house on the market right now, chances are they are motivated or they'd wait it out. Some sellers get very offended with a low offer, so don't go too low especially if has been on the market a short time. Also, look for short sales that might be close to going into foreclosure- they might be more willing to negotiate as the end draws near. It's easier to lowball a bank then a family.
Good luck, enjoy Bend!

[BLAZER PROPHET]

I'd go well under. This is a buyers market and housing in Bend has yet to bottom out. Check for repos as well. Drive a hard bargain!!

[BendOregon]

You should look up to $285,000 or so. It depends on the situation of the owners. Some homes that originally list for $300,000 are selling for under $250,000. But the good deals are selling quick at about the listing price. Foreclosures are a great way to get a deal. You have to be on top of them though. The steals sell the first couple of days, some with multiple offers.

[Nell Plotts]

There is a Bend housing bust blog out there, some where.

IMHO I would rent month to month for a while and start looking to get a feel of home prices. Line up a home inspector, not someone who realtor's recommend, pay that person for his time to clue you in to homes to look for/avoid.

[Smiled]

Search for bendbubble2.
Pay way less.
No one is buying anything right now.

[atlantagreg30127]

Originally Posted by Nell Plotts

IMHO I would rent month to month for a while and start looking to get a feel of home prices.

I'm just passing through but was reading the thread and thought I'd chime in and agree to the above statement. Renting first in today's market is the best choice so you can take your time to find the best deals. This is a good idea regardless of the city you're moving to.

And, not to tell the original poster what to do, but remember... the housing market is in the state it's in because so many folks pushed their budgets to the absolute limit (and beyond) throughout the U.S. If you can't afford to go above $250,000, then in MY opinion, then don't spend more than $200-$225k, tops. Learn a new way of thinking - don't push the budget to the absolute limit, even if it means settling for a little less than a perfect home.

[delta07]

Originally Posted by atlantagreg30127

I'm just passing through but was reading the thread and thought I'd chime in and agree to the above statement. Renting first in today's market is the best choice so you can take your time to find the best deals. This is a good idea regardless of the city you're moving to.

And, not to tell the original poster what to do, but remember... the housing market is in the state it's in because so many folks pushed their budgets to the absolute limit (and beyond) throughout the U.S. If you can't afford to go above $250,000, then in MY opinion, then don't spend more than $200-$225k, tops. Learn a new way of thinking - don't push the budget to the absolute limit, even if it means settling for a little less than a perfect home.

I couldn't agree more! Originally, when we started looking for homes we were looking at or above our top budget thinking we could get a good deal. Even though we found some good deals, we decided it was best to stay near the bottom or middle of our budget. You just don't know what's going to happen with the current housing market, and it would be a real shame to overpay.

[khunguni]

Thanks for all the input everyone has advised! We went and viewed 9 homes in Bend that met our criteria (location - westside, price - max. $275, etc). All 9 homes that we can afford were short sales. I have heard or read a number of horror stories about short sales. So, what do we do? Has the process of short sales in Bend simplified? Should we avoid them? At the moment, we have no alternative, unless we wait and hope for prices to continue falling. Advice?