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Not from FL but I am looking to move there maybe next year, I saw a house that was listed for 160K short sale! Property need repairs. Violations exist. Need new electrical system, Need roof repair, needs a new gutter system.
I was thinking to make a 130k offer for the property, would that be a bad/lowball offer?
Is that what you wanted to hear? Who the heck knows? Give us more details.
Wooohh.. go take a chill pill buddy! no need for that here.
Mike, not much comps for the area. there are a few house with similar sqft, in the neighborhood that is currently listed from 160k to 200k that is not a short sale. I don't have much more info of the house until next week. the below are other infos i know about the house as of now.
*2008 tax asset value were at 235k
*2000 sqft.
*The house been on the market for around 90 days.
You need a good estimate, for repairs, as any amount they state, could well be way low, and you need to know, what cost would be, to put in good working order. Are you financially able to spend the necessary to repair, after you do the purchase. Good luck, and keep us posted.
It depends on what the comps are in the neighborhood and what the assessed value is. It seems to me that many (if not most) short sales go for asking price, sometimes more depending on how low they're priced. Now if it's been sitting on the market awhile with no bids, go for it. However, I went to make a bid on a short sale and was going to bid $10,000 less than asking, even though asking was very fair. I was told that in order to "speed up" the process and to even have the slightest chance of getting it, I would have to put in a full price offer. I did that just this week so I have no updates from there. However, even if there are no other offers on your property, if your offer is too low, the bank may flat out reject it or sit and wait to see if other offers roll in. If you have to have the house and think the asking price is fair, even given the repairs needed, I suggest going full list price. Putting in an offer for anything much less than that will only slow down an already impossibly slow process.
Few of things to consider:
The bank may not even approve the short sale let alone accept your offer.
The bank may sit on your offer waiting for a better one to come in instead of countering your offer.
A mortgage company generally will not approve a loan on a house in that condition. Usually houses like that are bought with cash.
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