And, of course, I'm overthinking things now LOL.
The house was a foreclosure and the bank siezed it. I'm offering about 60k less than what they want (it's definitely a fixer upper inside, and that's saying it kindly). It was over 400K, but its been lowered twice already to 355K. It's been on the market for over 30 days now, and I don't think there are any other offers.
The bank obviously wants to minimize their loss, but want to get rid of it soon.
So here's my question....
Do you have any predictions about the market? Do you think it'll pick up in a couple months or stay a buyer's market? And I know you all aren't pyschic, but if you had to guess, would you think that the bank would accept the offer on account that they want to settle this ASAP?
Thoughts?
2007-11-05 06:40:52 · 7 answers · asked by kiki 6 in Business & Finance ➔ Renting & Real Estate
The bank will get back to me today by 5:00 p.m. I'm in California and the houses around the neighborhood are selling less than 500K.
2007-11-05 06:55:27 · update #1
Maybe following this website might help you. Read the articles that are being added on a daily basis. It gives a pretty good idea how serious things are with real estate and lending.
http://www.ml-implode.com/
2007-11-05 06:55:48 · answer #1 · answered by Anonymous · 0⤊ 0⤋
In CA the market is forecast to go down at least another 25% as more foreclosures will be hitting the market. Most houses are on the market there now for over a year, 30 days is nothing. and it is not forseen as getting any better in the near future. Here is a hint read all the financial news you can on the internet fox, cnn, local etc, hit the blogs, and research it to get your own understanding of where the market is heading in your area. See how many homes are for sale in the area, and surrounding areas, then and only then make your own decision. Mine is based on what I have been reading, and predicting for the last 6 months, so far have been right, but you need to read up on and make your own decision in this. As a side note CA has the second record amount of foreclosures only bested by NV. 3rd is FL, and more loans coming up for reset in the next 18 months. What do you think? I think you can wait and get for a better price, and therefore not lose equity. Again my opinion
2007-11-05 17:57:17 · answer #2 · answered by Pengy 7 · 0⤊ 0⤋
First, I'd like to say good luck on getting this house. It doesn't look like the market is getting any better for the sellers, I'm not an expert but that's my guess. 30 days depending on the area may not be a long LONG time on the market, but if it needs a lot of work, and if they haven't received any other offers, I think you have a good chance. I hope for your sake though that the bank is in the same state and respond back to you within a few days. I bid on a foreclosure the first time, but also found out the bank was in another state so it would take longer to hear a response. Plus, I was their 2nd offer, but needless to say, we didn't hear one word from them within 3 weeks so I withdrew my offer. (They never even returned my realtor's calls) It was a fixer upper as well. Anyway, GOOD LUCK TO YOU!!
2007-11-05 14:54:00 · answer #3 · answered by angel_of_love_1981 1 · 0⤊ 0⤋
My question is this:
How do you know that the property was worth what you offered on it? Did you get an appraisal before you made an offer or got a Realtor to do a market analysis?
Don't assume the bank priced it at fair-market value.
As far as the real estate market, people shouldn't expect any upswings before late next year (2008). 4th quarter foreclosures are coming b/c many ARM's are set to adjust again.
2007-11-05 16:30:48 · answer #4 · answered by Expert8675309 7 · 0⤊ 0⤋
In todays market, 30 days is short time, try n consider 6 months thats what the homes in my area are on for. The bank may not even consider your offer because it is so low and if they do, your a big winner. My home is in california and it doesn't look like anyone anytime soon will be getting a home in a decent area under $400,000. Good Luck, I hope everything goes well for you.
2007-11-05 15:05:53 · answer #5 · answered by Anonymous · 0⤊ 0⤋
It will stay a buyers market. Historically real estate trends down during winter seasons to the point where people even delist their houses so it doesn't look like they have been on the market forever. Look at it this way, you have 6 months to fix it up and flip it!
2007-11-05 14:50:08 · answer #6 · answered by Kheric 1 · 0⤊ 0⤋
I think if you hear anything from the lender, it will be a counter offer. Despite your thoughts that they want to settle this account ASAP, it has been my experience that lenders are not in a hurry to do anything with their REO properties.
Most of the predictions I have been seeing is that the market will continue to be slow until spring.
2007-11-05 15:36:58 · answer #7 · answered by godged 7 · 0⤊ 0⤋