Making an offer on a house-need advice

chachee52 · 02-03-2010, 07:47 PM

Having just bought a house for dirt cheap a year and a half ago, I will give my two cents.
If the bank owns it than they are going to price it at a point where they are going to sell it without loosing money if they can help it. my fiance also works at a bank and knows that the banks don't budge too much. I am definitely in agreement with Resipsa and Bigcat about knowing what the other houses in the area are selling for. Appraisal from what I saw when I was looking is just a minor thing to look at. It's not a tell all of what it's worth in the market.

colimo · 02-03-2010, 11:26 PM

a number of thoughts and suggestions....if it is bank owned, you can search the foreclosure records to find out what they bid at the foreclosure sale to determine what they have in it....

you can also search what similar houses in the neighborhood sold for on such sites as realtor.com...

you may also want to use a broker who will sign a buyers agent agreement, even though her commission is actually paid by the seller....

the 80% may not be bad, but depending on the neighborhood values and what was foreclosed could actually be high...

good luck

02-03-2010, 07:47 PM	#1
chachee52 Adjusting to the Life Join Date: Dec 2009 First Name: Todd Location: Tyngsboro, MA Posts: 399 Trading: (2)	Re: Making an offer on a house-need advice Having just bought a house for dirt cheap a year and a half ago, I will give my two cents. If the bank owns it than they are going to price it at a point where they are going to sell it without loosing money if they can help it. my fiance also works at a bank and knows that the banks don't budge too much. I am definitely in agreement with Resipsa and Bigcat about knowing what the other houses in the area are selling for. Appraisal from what I saw when I was looking is just a minor thing to look at. It's not a tell all of what it's worth in the market. __________________

02-03-2010, 11:26 PM	#2
colimo friend of Brother Maynard Join Date: Mar 2009 First Name: doug Location: centennial, colorado Posts: 1,322 Trading: (41)	Re: Making an offer on a house-need advice a number of thoughts and suggestions....if it is bank owned, you can search the foreclosure records to find out what they bid at the foreclosure sale to determine what they have in it.... you can also search what similar houses in the neighborhood sold for on such sites as realtor.com... you may also want to use a broker who will sign a buyers agent agreement, even though her commission is actually paid by the seller.... the 80% may not be bad, but depending on the neighborhood values and what was foreclosed could actually be high... good luck __________________ Life is too short for cheap beer, cheap liguor and bad cigars...gimme a guinness, glenlivet and a good cigar on a golf course and its heaven on earth!!