So to those who haven't read my last question...
I put an offer on a foreclosed house. The bank wanted 355K and I offered 275K. The agent told me if I offered 315K that I'd get it for sure. He also mentioned that there were two other parties involved (who I'm guessing didn't offer much higher than I did).
If I go with 305K, do you think I'll be ok?
Details:
House is in CA, houses around area all less than 500K, definite fixer upper (at least 40K), roof leaks (rains are coming), listed as "must sell"
Thoughts?
I don't need financing.. I'm paying in cash.
2007-11-05 12:24:30 · 2 answers · asked by kiki 6 in Business & Finance ➔ Personal Finance
There is actually nowhere near enough information in your question to accurately value ANY house. List prices mean NOTHING. You need to know what houses are actually SELLING for. How fast are homes actually selling for in the area? How many are currently on the market? These are the questions you SHOULD be paying a SELLER'S agent to answer. ALL foreclosed properties are 'must sell'. Banks NEVER want to OWN houses.
2007-11-05 12:52:35 · answer #1 · answered by STEVEN F 7 · 3⤊ 0⤋
You have to remember that the agent gets his commission from the sale price. The higher the price, the more commission. I'd say that 295 K, would be a good offer, and see what happens.
2007-11-05 12:35:25 · answer #2 · answered by Beau R 7 · 0⤊ 1⤋