U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > North Carolina > Raleigh, Durham, Chapel Hill, Cary
 [Register]
Raleigh, Durham, Chapel Hill, Cary The Triangle Area
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.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 01-20-2010, 08:54 PM
 
Location: NC
4,529 posts, read 7,045,397 times
Reputation: 4720

Advertisements

Yes, I have a pretty even temperament, so I did see the humor in it. I only shared a bit of what I experienced. The no clear title issue I could have sued for ownership, but that's not who I am, I walked away, didn't want to cause the woman any more anguish than her ex had been causing her.

Back to you...your realtor should have advised you to make as clean an offer as possible. I would not ask for RWD, but you could factor it into your # w/out breaking it out for the bank. Really, it's neither here nor there in a deal like this when you are talking about the deal in its entirety.

If you are not careful and w/out proper guidance, you could overpay for the house. I would ask myself...am I sure I wouldn't find a better deal with someone whose had their home for a few yrs, has lots of equity, but has to sell? At least the house should have been kept up.

If I am understanding correctly, they (bank) are waiting for a counter they made to purchaser#1? You are # 2 and they will wait for #1's response before you will make an offer? It would be fair if they'd allow you the same courtesy as #1, but you said they will open it to both of you at that time, that's if # 1 didn't buy it. Know that you get that one shot if it's highest and best offer. Your realtor will want proof of funds to submit with offer if cash or mostly cash. Or, proof you are approved for a mortage of that amt.

Good luck! Let us know how you do!

Last edited by RaleighLass; 01-20-2010 at 08:56 PM.. Reason: added sentence
Reply With Quote Quick reply to this message

 
Old 01-20-2010, 10:16 PM
 
Location: Cary
239 posts, read 1,005,044 times
Reputation: 383
There are many home inspectors in our area. Some are marginal and some are excellent. It would seem that one who gives a great deal of his time helping others in this forum should be acknowledged.

Sacredgrooves (A-1 House Inspectorsshows his professionalism and experience in every post. I would not hesitate to trust him with inspecting a potential home for purchase or to offer recommendations about my current home.

J. Trent
Reply With Quote Quick reply to this message
 
Old 01-20-2010, 10:45 PM
 
10,724 posts, read 20,162,287 times
Reputation: 9868
A foreclosure is just like buying another other piece of property - offer what you think is fair (or less, you might be surprised). There are foreclosures that are bought that are perfect and there are some that are bought with huge issues - but they are bought knowing that and bought accordingly.

Banks will list homes for months and drop prices 10%, 20%, 30% over time. They seem to overprice them initially.

You've got to get a competent inspector and then get some quotes to fix the issues and price the offer accordingly. I've seen $300k homes sell for $200k and all that was wrong with them were cosmetic issues. The people who bought them then turned around them and sold them for $30k-$60k in profit...after fees. That was in VA but the process is the same throughout the US.

Keep in mind for all intents and purposes by the time a house hits the open market on the MLS and has been there it's really not investor material. IOW it's not a good deal to make money off of. If you're not making money off a foreclosure why buy it? Why not buy a turn key house where all you have to do is move in with much lower risk?
Reply With Quote Quick reply to this message
 
Old 01-20-2010, 11:21 PM
 
99 posts, read 322,950 times
Reputation: 21
Quote:
Originally Posted by RaleighLass View Post
Back to you...your realtor should have advised you to make as clean an offer as possible....... Really, it's neither here nor there in a deal like this when you are talking about the deal in its entirety.
Hits: I'm sorry but you lost me here.

Quote:
Originally Posted by RaleighLass View Post
If you are not careful and w/out proper guidance, you could overpay for the house. I would ask myself...am I sure I wouldn't find a better deal with someone whose had their home for a few yrs, has lots of equity, but has to sell? At least the house should have been kept up.
Hits: But looking at the number I gave above, what do you think? Will I be over paying?

Quote:
Originally Posted by RaleighLass View Post
If I am understanding correctly, they (bank) are waiting for a counter they made to purchaser#1? You are # 2 and they will wait for #1's response before you will make an offer? It would be fair if they'd allow you the same courtesy as #1, but you said they will open it to both of you at that time, that's if # 1 didn't buy it. Know that you get that one shot if it's highest and best offer. Your realtor will want proof of funds to submit with offer if cash or mostly cash. Or, proof you are approved for a mortage of that amt.
Hits: #1 is going to put counter to a counter. After which the lender will give another quote & open it up for both of us. Does it make sense now?
Reply With Quote Quick reply to this message
 
Old 01-21-2010, 08:40 AM
 
Location: NC
4,529 posts, read 7,045,397 times
Reputation: 4720
Quote:
Originally Posted by HitsOfMisses View Post
Hits: I'm sorry but you lost me here.


Hits: But looking at the number I gave above, what do you think? Will I be over paying?


Hits: #1 is going to put counter to a counter. After which the lender will give another quote & open it up for both of us. Does it make sense now?
Your first question - after the clean offer reference, I was talking about the washer, dryer, it's best not to clutter your offer with this. Look at the offer in terms of a total pkg...hope to pay less for the house to compensate buying new WD.

I can't answer your Q about the price as I haven't seen the house, nor it's comps, or guestimated what it'd cost to bring it up to market condition. that's why I suggested you send me the info by direct message. As i don't have the info, it would be like you asking me what I'd pay for the car you are selling, but you won't tell me model, make, yr, or let me drive it. Your realtor really should be your guide with this.

it sounds like they are making you wait to make an offer while they go back and forth with potential buyer #1. This isn't good if they won't allow U to make an offer yet. My point was that you should have a strategy to stop this asap, they take your offer or don't. B/c if it gets to the stage of highest and best offer from multiple buyers, your chances go way down and you may overpay. it will work for someone, but with your lack of experience, your odds are greatly reduced.

Hope this all makes sense? Again, IF the house is worth the asking price, and you offer less, in this market you will likely lose. I think this is what your realtor was getting at.
Reply With Quote Quick reply to this message
 
Old 01-21-2010, 02:22 PM
 
99 posts, read 322,950 times
Reputation: 21
Quote:
Originally Posted by wheelsup View Post
If you're not making money off a foreclosure why buy it? Why not buy a turn key house where all you have to do is move in with much lower risk?
That's a very good point! Makes a lot of sense.

Anyway, the latest update is #1 has accepted the Lender's offer. They'll be going for inspection & arranging for financing. So, we're out of the game now.


Thanks a lot to all of you for providing valuable comments. RaleighLass, I'm already exhausted with all the apprehensions & tensions. I can imagine your pain.
Reply With Quote Quick reply to this message
 
Old 01-21-2010, 02:59 PM
 
Location: NC
4,529 posts, read 7,045,397 times
Reputation: 4720
Well, it was a good experience for you! if you still wouldn't mind the house, remind your realtor to share this with the bank in case this falls thru and they'll let you make an offer.

Good luck with your first home!
Reply With Quote Quick reply to this message
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.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:



Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > North Carolina > Raleigh, Durham, Chapel Hill, Cary
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top