#2412876 - 06/08/11 10:06 PM
Looking at another house.
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Carlos Viagra
16 Point
Registered: 11/20/04
Posts: 12934
Loc: Cumberland Plateau
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So this house is one my wife and I looked at 2 years ago. It was for sale back then for 169K. It never sold and now its been foreclosed on. It is 1600 sq ft plus there is a full unfinished basement. It has 6 acres of land with it and twice I've seen deer on the property- only been out there 4 times.
Anyways, here's my question- how much should I offer on this place? The bank is asking 139K but that's "as-is" There are quite a few repairs that need to be done since the house has been empty since 2007. It was built in 2006. Were excited about it and not sure what kinda offer the bank would entertain. I've been preapproved for the asking price already...
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Do not be slothful- for yesterday and tomorrow are thieves of today.
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#2412879 - 06/08/11 10:10 PM
Re: Looking at another house.
[Re: Carlos Viagra]
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smstone22
16 Point
Registered: 01/11/04
Posts: 16263
Loc: Allardt, TN
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Hard to say but I certainly wouldnt start around their 139K. Some banks are willing to take losses right now. Hard to tell if that bank is willing to take a loss or not, but all you can do is try. Be nice to get an inside track on how much is owed on the property still. I dont know how Crossville is but nothing is selling here so asking prices are just a joke.
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-QDM=Better Deer, Better Deer Hunting
- Fentress Roots 200 years and growing
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#2412880 - 06/08/11 10:12 PM
Re: Looking at another house.
[Re: Carlos Viagra]
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rem270
16 Point
Registered: 11/15/02
Posts: 17369
Loc: south fulton
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just depends on how bad you want it? wonder how many others are fixing to place a bid on it also? that happened to me once on a house, i offered 5 grand lower than the asking price and the other couple offered full price. they got a 1800 sq ft house with 3 acres and a pond for 65k. i was about sick.
good luck with it, if you really want it and your preapproved consider just giving full price. I promise you im not one who likes to give full price for anything. but something like this i almost would if i wanted it bad enough and it was already a good deal.
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NO1 Greater- Ky Wildcats!!
Its not what happens in life, but how you react to it that matters.
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#2412889 - 06/08/11 10:24 PM
Re: Looking at another house.
[Re: rem270]
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Carlos Viagra
16 Point
Registered: 11/20/04
Posts: 12934
Loc: Cumberland Plateau
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Ill have to do somethin with the house we are in now. We only owe 9 more years on this one so I'll have to keep it for a rental if it doesn't sell. The realtor who's workin for the bank acts like their house is going to sell quickly but I don't believe that. Its been on the market for a loong time already.
Also, Steven we got inside info back when this place was originally for sale- and the guy actually owed the full asking price- 169K. So it looks like they will be taking a loss of about 20G at their asking price.
_________________________
Do not be slothful- for yesterday and tomorrow are thieves of today.
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#2412895 - 06/08/11 10:47 PM
Re: Looking at another house.
[Re: Carlos Viagra]
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Stovepipe
18 Point
Registered: 09/21/07
Posts: 21673
Loc: N1549518,E738760
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If you got cash, offer them half that straight up. All they can do is refuse. Then you can start again with another offer.
Is it a federally backed foreclosure?
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Westside Dream Team
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#2412898 - 06/08/11 10:48 PM
Re: Looking at another house.
[Re: Stovepipe]
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Carlos Viagra
16 Point
Registered: 11/20/04
Posts: 12934
Loc: Cumberland Plateau
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Not sure, I think it may have been Freddie Mac.
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Do not be slothful- for yesterday and tomorrow are thieves of today.
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#2412902 - 06/08/11 10:51 PM
Re: Looking at another house.
[Re: Stovepipe]
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Stovepipe
18 Point
Registered: 09/21/07
Posts: 21673
Loc: N1549518,E738760
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When an unrepresented buyer consults the listing agent themselves, man the wolf slobber really starts flowing,lol
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Westside Dream Team
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#2412906 - 06/08/11 10:56 PM
Re: Looking at another house.
[Re: Stovepipe]
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Carlos Viagra
16 Point
Registered: 11/20/04
Posts: 12934
Loc: Cumberland Plateau
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I'm in the dark about a few parts of this process. It it better to have another realtor contact the bank? We plan to put an offer in on Monday.
_________________________
Do not be slothful- for yesterday and tomorrow are thieves of today.
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#2412985 - 06/09/11 06:19 AM
Re: Looking at another house.
[Re: Carlos Viagra]
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Buzzard Breath
8 Point
Registered: 07/31/06
Posts: 1181
Loc: East
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I'm in the dark about a few parts of this process. It it better to have another realtor contact the bank? We plan to put an offer in on Monday.
Stovepipe's right. Get a Realtor. Get a good Realtor, one who's picture is on billboards. Do not get a friend or relative that is a Realtor, unless they do it often enough they have their picture on a billboard. As the Buyer, they won't cost you a dime. The bank has an agreement with the listing company to pay a predetermined commission. If they sell it, as both the buyers agent and sellers agent, they keep all of it. If you have your own agent, they split it in half. (the short version)
One thing I've noticed with foreclosures here latelly, is banks are listing houses for a certain price, then accepting offers until a predetermined date. On that date, they open the offers and accept the highest bid, if it's high enough. A Realtor would be able to to help you if this is the case.
Good luck with the house. I hope you get it.
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#2413029 - 06/09/11 07:12 AM
Re: Looking at another house.
[Re: Buzzard Breath]
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DOC1187
16 Point
Registered: 06/14/08
Posts: 10380
Loc: east tn
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good luck sounds like an interesting place land and an un finished basement would be nice
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