Home listed for 199,900 rural IN 1 hr west of major city. Needs lots of updates and repairs(has no cooling, all floors need replaced, bunch of crap on property that needs to be removed, exterior issues(siding, roof, lighting etc) Home is 3800sq. ft. on 10 acres. Seller's lender is handling things. Set for auction in Aug. Please help. Want home but cannot go over 120,000.
2007-06-14 08:07:41 · 7 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
House is already listed for a short sale according to listing agent.
2007-06-14 08:15:58 · update #1
Make an offer; what can happen? Go or no go
2007-06-14 08:11:48 · answer #1 · answered by wizjp 7 · 2⤊ 0⤋
Never hurts to ask. But if 120,000 is the absolute most you can go. Dont make that your first offer. You might want to go 105,000 so you can negotiate a little.
If its going for auction in August. Its most likely in foreclouser. So they are just trying to get out of the house and maybe get a couple dollars. They might owe 175,000 so your offer is dead before you write it.
I would call the lender and see if the bank that is foreclousing willing to do a *short sale*. This would be where the sellers agree to allow the bank to sell it. And you would deal with the bank on the price not the seller.
2007-06-14 08:14:20 · answer #2 · answered by financing_loans 6 · 1⤊ 0⤋
It sounds worth a try....Just keep in mind that in "short sales," the bank needs to approve the offer, and it could take a long time to get a response.
If $199,900 is fair market value on that house, I'm betting the answer will be "no," but you never know!.... I'm an agent out in the West and the most I've seen banks accept recently is about 20% off the fair market value. Keep in mind the list price and "fair market value" can be very different.
Banks want to avoid foreclosure, but they can't afford to "give homes away" at the same time. Best of luck to you!
2007-06-16 08:58:53 · answer #3 · answered by R.E. Advice 3 · 0⤊ 0⤋
No offer is ever ridicuolus. You pay what you feel is right based on local market and condition of house. I would be very suprised in an offer of 120 goes though on a 200 house though--but its always worth trying. The US selling averge is 6% below original asking price. But if they are very desperate you never know.
2007-06-14 08:27:17 · answer #4 · answered by Anonymous · 1⤊ 0⤋
The best you can do is go to the auction and bid up to $120,000. If someone outbids you then someone believes the property is worth more. You win some, you lose some.
2007-06-14 08:11:29 · answer #5 · answered by A.Mercer 7 · 1⤊ 0⤋
not rediculous...but what are the comps for that area? what are the costs to get it to the level of the comps?
market is so slow in some places that if the seller is in a pinch you may be able to get for less.
If 120 is all you have becareful of spending it all on a property that is a money pit in remodeling costs.
cheers
2007-06-14 08:11:55 · answer #6 · answered by Ryan S 3 · 0⤊ 0⤋
That is a low offer in reference to the asking price, but that doesn't mean it wont happen. I have bought many properties with a lot bigger gaps than that. Stick to your guns, you may get it, you may not.
Good luck
2007-06-14 11:05:35 · answer #7 · answered by frankie b 5 · 0⤊ 0⤋