what would you bid ? (Sarasota: short sales, foreclosures, houses)

[captlemons]

Hi folks , i have been looking at some foreclosed houses in the sarasota area, my question is , how many cents in the dollar would be a good starting bid ? ps i dont mind be cheeky !!

[Oobie119]

I have a lot of experience in this, my hubby and I looked at short sales and foreclosures for about a year. Its a tricky game with short sales, but with foreclosures its pretty simple. If you absolutely most have the house, bid no more than $5,000 under what the bank is asking, and this is even a low bid. We just bought a foreclosure and we bid $4,000 under. The bank turned it down and we ended up paying asking price. Overall it was totally worth it. We heard that the banks would accept lower bids, that they are getting desparate. We found out that is NOT true. Just watch out for chinese drywall. Foreclosures come with a lot of work, but I have a very skilled husband who can do it all. I have no idea why our house sat for so long, we love it and feel super lucky. Good Luck

[SoFLGal]

Can't really give a cents on the dollar. We would need to know area, beds/baths, pool or not, upgrades, etc.

If you just want me to give you a general answer I can tell you that if I take all the homes in Sarasota for the last month that sold and you take the median sales price, the price per sq ft would be 100.15. The average list price per sq ft for homes in Sarasota in the last month would be 105.43.

Generally foreclosures will be a bit lower than this. When offering expect a counter from the bank. The asset managers are required to counter something on an offer-price, terms, etc. If you can close before the end of the month then try to do so. Some companies will offer bonuses to the asset managers for getting the property closed before the end of the month and off the books. They look more favorably at these offers. If it's cash they would want to close in two weeks or less. Many banks will pay the title fees. We list many of the foreclosed homes in Sarasota and Charlotte counties.