Cape Cod House Offer (Brewster, Wellfleet: bank owned, comparable sales, sales)

[K9Lando]

I am looking at buying a second home down on the cape. I am a MA resident and this will be a second home. When doing searches there is alot of homes on the market. With this looking to be a more of a buyers market, what would an avergae offer be off the listing price? IS there an average percent for forclosures(bank owned) and resident sales?
Thanks

[kmann-sherborn]

There really isn't. "List price" of a home isn't like a blue book value of a home. It varies quite a bit. We've seen foreclosed homes sell for well below list price, while others are priced very aggressively that end up going in cash bidding wars with investors. It's more important to understand comparable recent sales so you know what the home is worth and especially to know what you're getting into in terms of home repairs. Quite a few foreclosed homes I've seen have been vacant for some time with deferred maintenance that will end up costing the buyer a lot of money. Bottom line, foreclosed properties can be a good value for the right buyer but they aren't for everybody. I'd recommend talking with a buyer's agent in the area who knows that market very well -- and a very diligent home inspector for once you find the home you like. You could get recommendations from friends or check out customer review sites like Yelp or Angie's List.

BTW, where on the Cape are you looking? My folks bought a place in Brewster and love it. They are quite keen on their buyer's agent, who patiently worked with them for more than a year to find their townhome. I also love Wellfleet because in parts it's much more unspoiled. But that's just me! :-)

[capecodcathy]

Agree with Kmann-sherborn. A reputable Buyer Agent will be able to assist you in finding what you're looking for, hopefully in the price range you're hoping for. A BA will also be able to do a Comparative Market Analysis for a property you are interested in using recent comparable sales in the area.
Do not make the mistake, though, of looking at the home's assessed value with the city/town. Many people believe the assessed value is an indicator of fair market value which couldn't be further than the truth.