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My husband and I want to put an offer on a foreclosed home we found online. We had an agent show us the home and we are ready to put an offer down. The house has been on the market for 14 mos. and is priced very high at $499 (originally $529 w/ one price decrease). I checked comps and found recently a home (w/ 200 more sq ft) sold for $350. As well as two other homes that sold for $368 and $375 that were in better condition in the same neighborhood. We contacted our real estate agent to tell her we want to place an offer of approx $350. She replied by saying how are we going to get the bank to come down from $499 to $350? Well I would think the comps would support our offer as well as other houses in the neighbor hood that are listed much lower than $499 and are much bigger. She has not responded to us again about the house we are interested in. But she does keep emailing us other listings. On the day we saw the house she contacted the listing agent who did inform her she has over 180 listings (maybe the listing agent hasn't kept up w/ the listing and this is why it is still listed so high).
Do you think we should put our offer in anyway? Should we try to find another agent (we have not signed the agent/ buyer agreement yet)? I know purchasing a foreclosure is a long process but we are willing to wait. Also most of the houses in the area are short sale or foreclosure. I am just frustrated b/c I know the house is not worth the listing price and I think if we could show the bank the comps to back up our offer we may have a shot. We are preapproved for a loan and have money to put down.
first off, if $350k is a comp for a non-foreclosure listing why are you offering that for a foreclosure, it doesn't make any sense. Offer 20% less than comps, around $280k or so.
first off, if $350k is a comp for a non-foreclosure listing why are you offering that for a foreclosure, it doesn't make any sense. Offer 20% less than comps, around $280k or so.
So you think I should be offering less then $350 b/c I am dealing w/ a foreclosure property? My agent seems to think $350 is asking too much off. I think I am going to find a new agent. She hasn't been helpful so far. I asked her for comps in the neighborhood and she gave me comps of much bigger homes that sold higher then their asking price (short sale properties). So I had already done my research and gave her the info I had on comps (I just wanted to see what she would come up with, kind of testing her). She said "oh I just randomly pooled comps. Once we find a neighborhood we like then she will do more research." I feel like I could do better myself. I think $280 is a little low but I was thinking $325 - $345.
There was a home going for 300K in a neighborhood I know........
Someone looked up what was owed and then did offer the full amount.
The bank turned down that amount.........
It is a year later and the home still sits empty. It still has to pay its taxes and
it is getting to be an eyesore.........
I can not, nor can others figure out why the bank would not accept. Thats very strange...........What were they waiting for? Still waiting for?
I can not, nor can others figure out why the bank would not accept. Thats very strange...........What were they waiting for? Still waiting for?
Presumably, a miracle. As long as they don't accept a low offer they don't have to put it in the loss column. And some hapless schlemiel in the loan department gets to keep his job for one more day. Maybe.
Presumably, a miracle. As long as they don't accept a low offer they don't have to put it in the loss column. And some hapless schlemiel in the loan department gets to keep his job for one more day. Maybe.
This is very true, they may have it on the books at a price & can't afford to show the loss.
My husband and I want to put an offer on a foreclosed home we found online. We had an agent show us the home and we are ready to put an offer down. The house has been on the market for 14 mos. and is priced very high at $499 (originally $529 w/ one price decrease). I checked comps and found recently a home (w/ 200 more sq ft) sold for $350. As well as two other homes that sold for $368 and $375 that were in better condition in the same neighborhood. We contacted our real estate agent to tell her we want to place an offer of approx $350. She replied by saying how are we going to get the bank to come down from $499 to $350? Well I would think the comps would support our offer as well as other houses in the neighbor hood that are listed much lower than $499 and are much bigger. She has not responded to us again about the house we are interested in. But she does keep emailing us other listings. On the day we saw the house she contacted the listing agent who did inform her she has over 180 listings (maybe the listing agent hasn't kept up w/ the listing and this is why it is still listed so high).
Do you think we should put our offer in anyway? Should we try to find another agent (we have not signed the agent/ buyer agreement yet)? I know purchasing a foreclosure is a long process but we are willing to wait. Also most of the houses in the area are short sale or foreclosure. I am just frustrated b/c I know the house is not worth the listing price and I think if we could show the bank the comps to back up our offer we may have a shot. We are preapproved for a loan and have money to put down.
Any advice???
499 to 350 is a big jump. Your agent should do the CMA. I'm skeptical a bank would list that much higher than the price analysis indicated. Perhaps you used bad comparables or perhaps the bank just overpriced it. Consult your agent for the best info.
499 to 350 is a big jump. Your agent should do the CMA. I'm skeptical a bank would list that much higher than the price analysis indicated. Perhaps you used bad comparables or perhaps the bank just overpriced it. Consult your agent for the best info.
I have done some extensive research on this neighborhood. I have been looking at this neighborhood for about a year. I have been keeping track of the listings and I am able to verify this information on the county taxation record website. There is a house a little bit larger on the market (short sale) for $375. I would go after that house (and still may) but I just think the house for $499 is more of what I am looking for. I have no idea why the bank has the house listed at this price. I wish I knew. But to be on the market for 14 mos. is a very long time. And to only decrease the price one time. While homes that are larger are selling for less???
I asked my agent for comparables. She gave me 3 or 4 houses that are much bigger homes. They sold 10k more then listing price. They sold around $415. I gave her the info I have and she said she will have to do more research. Well we have given her days to do that research and still nothing. The houses I looked up are closer to the same size as the house I am looking at. Not sure why she used comps that are not the same size????
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