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Old 07-10-2009, 01:52 PM
 
69 posts, read 319,859 times
Reputation: 38

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A 3BR condo in Fort Lee:

Short Sale List Price: 399K
Last Sold: Mid-2005 For 485K

Comparable listings are around mid 400's. A unit of same Layout, same complex sold for 355K in Early 2003. The Realtor said the lowest the bank can go is probably 370's, this is without me seeing the property which I do plan to in the next week or so.

I currently own a small 2BR coop in Brooklyn, not in a hurry to sell and move, but been eying a better family oriented area (we are Asian), good public schools, more space, cleaner air etc. I am not a handy man so houses are out. I work in Midtown Manhattan.

Knowing all of above, how high would you bid assuming we like the property and the condition is solid (requires relatively little work)? The Fort Lee area like most other areas in NY Metro has declined roughly 10-15%. I expect the overall market to go down at least another 10-15% before it is all over. But a short sale does protect me better than a normal listing would.

Thanks!

Last edited by hitmantb; 07-10-2009 at 02:14 PM..
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Old 07-10-2009, 02:07 PM
 
Location: NJ/NY/CT area.
275 posts, read 707,391 times
Reputation: 95
I know nothing about the area/prices, except what you just mentioned, but would say leave it for now.
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Old 07-10-2009, 04:15 PM
 
Location: Woodbridge Twp NJ
316 posts, read 1,190,974 times
Reputation: 60
nobody knows what the bank will take for it . here are a few things you can look at , the condition of the property how much damage is there? what are the comps in the area as well? ask the agent for them. good luck hope it helps you .
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Old 07-10-2009, 08:50 PM
bay
 
425 posts, read 2,817,136 times
Reputation: 176
ask your realtor to check if there is other offer coming in for the property and run the comp within the area. Our realtor usually can give us a very good/accurate suggestion on pricing.

If there is no other offer yet, you can just throw in whatever you think is reasonable and see what will happen. Short sale usually takes longer time to come back. However, if your price is good enough, some bank will be willing to speed up the process.
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Old 07-10-2009, 09:44 PM
 
249 posts, read 826,501 times
Reputation: 124
Default short sale

The realtor does no t know what the bank will take .I made an offer on a house that was 399,000 and I offered 340,00 and the bank accepted it right away.Offer what you ant to offer.
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