Dragons
Delusions of Grandeur
Then go in at $18k as Random suggested and accept a counter offer as high as $25k. And then be ready to wait it out.
Short sales are for people who can wait, which it appears you're in position to do.
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Have you ever bought real estate on a short sale?(now with pics) (1 Viewer)
- Thread starter IC FBGCav
- Start date
Short sales are for people who can wait, which it appears you're in position to do.
avoiding injuries
Footballguy
My sellers agent suggested I offer significantly more than I did, which was accepted. She wanted the process to be as easy as possible for her and didn't care about my money.
The Ref
Footballguy
Same way you find a house with a pool.
You can search for them if you have access to the MLS.
IC FBGCav
Footballguy
IC FBGCav
Footballguy
Realtor said they are taking all offers.............I asked if they has any before and she said no. But when I told her I would offer 50% at best without pictures, she was like, I will give it a whirl
The Ref
Footballguy
Car salesmen work on commission and for the most part the job is to get you to over pay for the car.
Realtors work on commission. What do you think they want you to do?
I'd never go into a car dealership and let someone talk me into paying a price for a car without having facts. I never understood the whole "trust me I'm a pro" line is supposed to work for a realtor. Find out the comps, make them sell you on a higher price and let them try through actual information, such as the two comps you spoke of. And don't fall for a "well I think they may have gone for around......". That's straight up B.S. They know exactly how much they sold for to the nickel.
Realtors work on commission. What do you think they want you to do?
I'd never go into a car dealership and let someone talk me into paying a price for a car without having facts. I never understood the whole "trust me I'm a pro" line is supposed to work for a realtor. Find out the comps, make them sell you on a higher price and let them try through actual information, such as the two comps you spoke of. And don't fall for a "well I think they may have gone for around......". That's straight up B.S. They know exactly how much they sold for to the nickel.
IC FBGCav
Footballguy
ref will you do me a solid and tell Honda what the value of a money to a poker player? With non house money.
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Random
Footballguy
Gotcha. This would make a fantastic rental if you can buy it right. Is the zillow rental estimate accurate? I know for ours, the rental estimate is a very good starting place.
Just make sure you get a really good inspection. I get mine done by the guy that is going to do the work.
mr roboto
Footballguy
Amd so does everyone else with 10 minutes and the Google.
IC FBGCav
Footballguy
Zillow is joke. The house I put on here that grew up in was 40K + Never worth that ever.
Random
Footballguy
I'm talking about the RENT estimate. Do you know what that place would rent for?
IC FBGCav
Footballguy
My dad died 1.5 years ago with a small house in the best part of town. We sold it cheap for 41K, but the guy that did the inspection on that house was unreal. 20 pages with every problem, he was the buyers or realtors guy but I will hire him for this.
The Ref
Footballguy
a "zestimate" is a complete joke. Well it's good for ha ha's but that's about it.
Change the search to "recently sold". Then look at how much houses have sold for over the past 3-6 months. Then compare each House to the one you want to buy. That's the only way to determine what the real value is.
Change the search to "recently sold". Then look at how much houses have sold for over the past 3-6 months. Then compare each House to the one you want to buy. That's the only way to determine what the real value is.
IC FBGCav
Footballguy
No but I would reference and credit check and rent to someone for less money that wasn't a risk.
Just looking at prices of the recently sold from ur link I'd be prepared to go $40k, but I'd offer 30k. This is without knowing condition and solely going on sqft and bathrooms.Its a short sale, so this situation is in your favor as bank wants to dump it.
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Mark Davis
Footballguy
I just closed on one about 3-4 months ago. Using it for a rental property. Be patient and be prepared for a lot of back and forth. They'll bluff at you like there are other interested parties even if there isn't, and also say they won't give another dime even when they will. We were less than 24 hours from closing when an issue (heat pump needed replacing) arose and the mortgage company was refusing to fix it. I called off closing when they refused and we both walked. I figured they'd be back and about 2-3 weeks later they called me back and offered to replace it if I'd make the same offer.
Random
Footballguy
Never understood this line of thinking. The place has been on the market over a year. There is obviously no one (including local investors) interested in this property. Why on earth would you offer anything close to asking? Clearly they are asking too much. The owner (bank) is losing money daily on the house as it sits, degrades, and becomes less valuable. Put yourself in the sellers shoes. You just want an offer, any offer. If you start at 30, you will likely pay more. The bank knows you want the place, they will play you. Offer something significantly less, and they don't know how to reply, but they will do everything they can not to lose the sale.
Random
Footballguy
Copied from the RE thread:
About a year ago we came across a duplex with a bank owned for sale sign in the window (no other signs). Realtor couldn't find the listing and said it must have sold, and we couldn't find it on multiple websites. Finally found it online, listed in the wrong zip code (transposed numbers). Told my realtor the address issue and she was able to find it on the MLS. It had been listed for over a year. Asking price started at 90K and was reduced multiple times to 25K. It was a steal at 25. I offered 15 (much against my realtors advice - she thought I should offer full price). My logic was that if we couldn't find the listing, my realtor couldn't find the listing, and the listing realtor couldn't find the listing, we would get it at any reasonable price. Bank countered at 18 (dead give away that they just wanted it gone), and I went up to 15.5. They accepted that day.
This was one of my favorite negotiations.
About a year ago we came across a duplex with a bank owned for sale sign in the window (no other signs). Realtor couldn't find the listing and said it must have sold, and we couldn't find it on multiple websites. Finally found it online, listed in the wrong zip code (transposed numbers). Told my realtor the address issue and she was able to find it on the MLS. It had been listed for over a year. Asking price started at 90K and was reduced multiple times to 25K. It was a steal at 25. I offered 15 (much against my realtors advice - she thought I should offer full price). My logic was that if we couldn't find the listing, my realtor couldn't find the listing, and the listing realtor couldn't find the listing, we would get it at any reasonable price. Bank countered at 18 (dead give away that they just wanted it gone), and I went up to 15.5. They accepted that day.
This was one of my favorite negotiations.
IC FBGCav
Footballguy
IC FBGCav
Footballguy
They took pictures for me so not sure where it is falling. I know there is water coming into the basement which is a major concern. I figure I got to put 10K at least into it. I was thinking maybe offering 25K before I saw the pictures, now I think less, maybe 15K. Do you see value here?
dozer
Footballguy
Not to say you shouldn't buy it, but you should expect the basement situation to cost you a lot of money. That's going to require much more than just a clean up. In my area, if you were going to have mold remediation that looks like a 5-10 k job, and to keep that much water seeping in you'll probably need to dig around the foundation to the footing and put in a drain tile.
I'm not trying to scare you away from it. It may be worth the expense. Those two issues (mold, leaky basement), are big deals.
IC FBGCav
Footballguy
ChiefD
Footballguy
The basement walls don't look too bad to me. With a block foundation like that, you'll see displacement of the mortar and the block if it's really bad. The seepage could be something simple as no downspouts on one corner and all the rain water rushes to that area.
The furnace is old, so that's gonna be about $2000 or so to replace.
The furnace is old, so that's gonna be about $2000 or so to replace.
Loan Sharks
Not a Wolf
I wouldn't commit a murder in that bathroom.
Buy it knock it down and build a super house attached to your sisters with a sky walk.
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