Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Right now we're working with an older realtor that has a hearing problem, so I don't know if she actually knows what i'm talking about or if she's just smilling and nodding.
We saw a bank-owned house that needs some work (carpet replaced in some rooms, walls/door painted, windows replaced) and is missing all appliances (even the garbage disposal). We want to submit an offer, but are unsure how much is "reasonable"-like I have no idea how much it's going to cost to replace/fix those items.
Should we get have a window company, carpet company and wall painter in there to estimate costs and then submit an offer OR should we just sumbit an offer and go from there? My hesitation with that is if it costs alot more than i think and end up offering too much.
Right now we're working with an older realtor that has a hearing problem, so I don't know if she actually knows what i'm talking about or if she's just smilling and nodding.
We saw a bank-owned house that needs some work (carpet replaced in some rooms, walls/door painted, windows replaced) and is missing all appliances (even the garbage disposal). We want to submit an offer, but are unsure how much is "reasonable"-like I have no idea how much it's going to cost to replace/fix those items.
Should we get have a window company, carpet company and wall painter in there to estimate costs and then submit an offer OR should we just sumbit an offer and go from there? My hesitation with that is if it costs alot more than i think and end up offering too much.
If its a foreclosure, chances are the current price reflects the house's condition - hence the AS IS condition you will see them.
I think you should ask (loudly if you have to ;-) ) your agent to schedule another showing and take with you a general handyman type to give you a ballpark on repair costs. You can price carpet yourself if you get the room dimensions and take them to a carpet store. I don't think it's out of line to take a "second opinion" with you on the second showing.
starry - good point about the foreclosure pricing. I overlooked that part. Oops. I think you're right - the price is probably reflective of the needed repairs.
starry - good point about the foreclosure pricing. I overlooked that part. Oops. I think you're right - the price is probably reflective of the needed repairs.
No, the price is DEF not reflective of this. There's a house that's literally next door, is $23k less,is comparable in size(slightly better since it's 4bd/4ba and the one we like is 4bd/3ba) AND is in move in condition.
It's also been on the marked since january. Can realtors find out if there have been previous offers submitted? Sorry for all the questions, we're first time buyers.
Last edited by snobdrblinkchik; 04-29-2009 at 07:08 PM..
No, the price is DEF not reflective of this. There's a house that's literally next door, is $23k less,is comparable in size(slightly better since it's 4bd/4ba and the one we like is 4bd/3ba) BUT is in move in condition.
It's also been on the marked since january. Can realtors find out if there have been previous offers submitted? Sorry for all the questions, we're first time buyers.
So the better house is also priced lower? Why are you not offerring on that one? What about it the bank owned property makes you want it instead?
So the better house is also priced lower? Why are you not offerring on that one? What about it the bank owned property makes you want it instead?
we really didn't like the layout of the cheaper house. we're willing to pay a reasonable price for the REO house we want, but just don't know which steps to take inorder to get to the right price...
No, the price is DEF not reflective of this. There's a house that's literally next door, is $23k less,is comparable in size(slightly better since it's 4bd/4ba and the one we like is 4bd/3ba) AND is in move in condition.
It's also been on the marked since january. Can realtors find out if there have been previous offers submitted? Sorry for all the questions, we're first time buyers.
Regardless, banks don't seem to want to wheel and deal as much as an actual person might. They are perfectly content to let a property sit, and lower their price periodically.
The foreclosure I am buying was priced sorta high when it was first listed.... last July. There have been numerous price drops, but the house has been on the market for almost a year.
Your realtor should be able to provide you with the history on the house since it's been on the market - if it went contingent, if the price was reduced. etc. Your realtor should also be able to provide you with sold comps for the area.
No offense to anyone but, you need to feel comfortable with your agent/realtor. Next, he/she should give you advise about how to approach the offer. That said, if it's bank-owned, then you have leverage! Your offer would have a contingency such as " subject to inspection" here is where you line up all the "soldiers" (always ask for free estimate) in addition to a home inspector to give you an estimate.
Then, your offer (if i was representing you) should include expenses AND still be 15% below "market value". Forget about the appraisal- unless appraisal is lower than market value.
P.S., have you ever "heisted"(robbed") a bank? I doubt it-anyway, this is how you do it without any guns AND get away with it! LOL.
But...what do I know; Im a GURU. oops, my psycologist just arrived...
Moderator cut: url removed - no soliciting, please
haha, thanks for the replies everyone. I just spoke to the realtor and apparently she did hear me and we'll be discussing it more later in the week.
I totally agree that one should be comfortable with their realtor. There's a specific reason we went with this realtor but i don't wanna go into specifics, just in case she reads this and may get offended..
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
First-things-first
