houses selling over the asking price (Orlando: bank owned, comparable sales, sales)

[mbs2009]

I'm trying to buy in west Orlando, and just wanted to know if houses are selling over the listed price, and if so by how much?

[Pete C]

Over the listed price? I figured you could get them for under these days.

[mbs2009]

i have already lost a couple of homes that i offered 15k over the asking

[kingkwong]

The asking price does not mean alot these days. Especially if it is a bank owned property. What is happening now is homes are listed way under value to create a buzz. From there multiple buyers and thier realtors are coming in with offers and when they get 5-10 offers and sometimes more, the bank comes back and ask all parties for thier higher and best offer. Just like it was mentioned above, the average home will sell for 20 sometimes 30k more than asking price.

Find a realtor. i can help for free if you want to PM me.

-Steven

[wigs11111]

I've seen foreclosures sell for list price or maybe 5K above. Only the ones priced ridiculously low will sell for 20K above list.

[PilotAlso]

From what I've experienced, there is a scam going on in Florida. I placed offers on properties that had been on the market for months. Suddenly another buyer miraculously appeared and placed a bid slightly higher than mine. It happened three times to me.

Here's how I see it. Large investors sit back to see if any bids come along on a target property. They have "people" on the inside who advise them when an offer is made. If they want the property, they offer slightly more. Private buyers are at a severe disadvantage and only end up being able to make a purchase if the selling price climbs dramatically or the property is not targeted by the investors.

[GregTraub]

Definitely no magic number over list will guarantee you the house. This is definitely a phenomenon almost exclusively confined to REO properties nowadays (though one of my "normal" listings recently received several bids and sold within the first week on the market). It all depends on what the comparable sales are in the area. The market determines value and as long as that market is informed of what other properties sold for, people will see the value.

Today I saw a property just pop on the market for 107K, 3 sales not 2 months ago of smaller inferior homes range from 130-150K, That home WILL sell within a few days and I"m guessing close to 20-25K over asking at the minimum.

Then again Last month I sold an REO home that was listed at a price too high, my clients put in a bid well under asking and we closed on it not long ago.

Every property will be different. It will take an experienced and knowledgeable person to help you determine what your best offer may be for any specific home.

[nb1968]

Originally Posted by mbs2009

i have already lost a couple of homes that i offered 15k over the asking

WHERE ????
Are these deeply undervalued forclosures? Then that makes sense?
This could not happen right NOW with a home priced at market value.