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Old 07-21-2010, 08:42 AM   #1
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Boobs Quick House Question

Been checking out some real estate and there is a house I have been looking at for a few months, at its peak in 2006 it was valued at about 1.1M. The current market value for this house is roughly $560K. The current for sale price on it is $418K, well below market - which is steadily decline. The house is about 4,700 square foot, with pool, in a nice neighborhood. Also has an oversized yard comparable to all the other houses.

I am starting to think if I can low ball and get this house for $350K, that could be good value. In 2002, prior to the housing boom, it was valued at about $420K. What do you guys think?

Also, is there a maximum allowance the seller can give back to you if the sale price is well below the appraisal? So if I wanted to offer $370K for example, but ask for $20K in allowance, is that even doable? I would like to put about $50K back into the house for renovations.

Let me know your thoughts.

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Old 07-21-2010, 09:11 AM   #2
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They say that depending on the situation and market it's standard to offer anywhere between 10-25% less than asking price. The sellers should know this.

So your bid may be ok. I'd go into it not caring if you win or lose the house so you don't feel bad if they don't take the offer. Or, you can always make another offer if no one else is interested.

I don't know about your allowance thing. Sounds illegal to me, but who knows. It would artificially increase the sale price of your house - which is used to appraise the house in the future and the houses around it. I thought of doing the same thing recently when I purchased one from someone I knew but decided not to.
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Old 07-21-2010, 09:25 AM   #3
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Generally cash back type of allowances are frowned upon by mortgage companies, unless the money is going toward closing costs or specific fixes.

If you are paying cash you and the seller can do whatever you want as far as cash back goes. Just keep in mind that the net price of the house is what is typically used for future appraisals so additional concessions don't do you much good and depending on local taxes a selling price will cost you more in taxes.
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Old 07-21-2010, 09:29 AM   #4
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Find a realtor that has the confidence to make ballsy offers and you should be fine. It should be public knowledge, but find out where the seller is at on the home in terms of loans (at least it is in Arizona). How long have they owned the house?
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Old 07-21-2010, 12:42 PM   #5
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Is this a short sale? A lot of times, realtors will will list a price much lower than the value just to get people looking at the place and to put in an offer, while that list price hasn't actually been approved by the bank yet.
If it's not a short sale, go ahead and make your lowball offer. Worst they can do is say no, or counter.
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The current market value for this house is roughly $560K. The current for sale price on it is $418K,
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Old 07-21-2010, 03:21 PM   #6
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Is this a short sale? A lot of times, realtors will will list a price much lower than the value just to get people looking at the place and to put in an offer, while that list price hasn't actually been approved by the bank yet.
If that is the case, file with the State AG office claiming bait and switch. Insist upon knowing who set the price of the house. If it is the "investor" most likely they want out and are willing to do so quickly.


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If it's not a short sale, go ahead and make your lowball offer. Worst they can do is say no, or counter.
Most likely it is a short sale based on my experience, the worst they are going to say is no to your offer. DO NOT expect anything including seller concessions if it is a short sale, expect where is/ as is.

Good luck
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Old 07-22-2010, 02:40 PM   #7
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This is a bank owned foreclosure. You can tell they are motivated because they keep dropping the price on it by 5% every 20-25 days, 3 price drops already. The asking price right now is at about $87/sq foot. The house does need some work to it, as well.
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Old 07-22-2010, 02:43 PM   #8
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Oh by the way, do you guys like the tits?
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Old 07-22-2010, 02:44 PM   #9
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damn $87 a sq foot... just paid 550 a square foot... seems like a deal
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Old 07-22-2010, 02:46 PM   #10
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damn $87 a sq foot... just paid 550 a square foot... seems like a deal
Sounds like your full of shit.
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Old 07-22-2010, 02:48 PM   #11
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nyc my man

edit :


wasnt an attack... seems like ur already getting a good deal... but you should probably talk to a broker/agent and ask what the bank's deal is... and what other homes in the area going for

edit again:

i liked the tits
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Old 07-22-2010, 02:49 PM   #12
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Still got raped, even in NYC
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Old 07-22-2010, 02:52 PM   #13
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Still got raped, even in NYC
lol nope... i didnt

that is a good deal for a full service building
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Old 07-22-2010, 02:53 PM   #14
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lol nope... i didnt

that is a good deal for a full service building
good luck bro, lol
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Old 07-22-2010, 02:55 PM   #15
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Without knowing the area/neighborhood and what other similar homes sold that is impossible to answer.

That said, $87/sq ft is likely below cost of building it today.
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Old 07-22-2010, 03:44 PM   #16
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Obviously these guys never bought property in NYC 87$ probably gets you the permits and plumbing.
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Old 07-22-2010, 03:55 PM   #17
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Get yourself some solid quotes for the work that needs to be done. Show the bank what needs to be fixed and how much it will cost to fix it when you make your offer. They may concede at least half of that cost in the price.

If you want to get a better price for the place, you will need to explain why.

Quote:
Originally Posted by stussy5555 View Post
This is a bank owned foreclosure. You can tell they are motivated because they keep dropping the price on it by 5% every 20-25 days, 3 price drops already. The asking price right now is at about $87/sq foot. The house does need some work to it, as well.
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Old 07-22-2010, 04:25 PM   #18
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check the online filings for the home (in your state/county) then you can evaluate what the owner still owes on it. With that info, you can gauge how much to low ball.
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Old 07-23-2010, 02:22 AM   #19
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Quote:
Originally Posted by stussy5555 View Post
This is a bank owned foreclosure. You can tell they are motivated because they keep dropping the price on it by 5% every 20-25 days, 3 price drops already. The asking price right now is at about $87/sq foot. The house does need some work to it, as well.
im a lurker on WF and figure i would respond since i do investment real estate for my "real" job/manage rentals/flipped foreclosures/had mortgage licenses and real estate licenses,etc....if its a short sale then realtors will list at low price and in agent comments just say "sale is short sale and subject to 3rd party approval"....meaning the low ball price doesnt mean shit....generally if you can come in with lowball comps justifying a low offer you might get a short sale but most banks REO dept(aka foreclosure depts) wont approve short sales if offer is less than 70-80% of loan amount....its stupid but thats the way it is and for many loans the gov't has guaranteed a reimbursement on many bad loans so banks get paid from gov't when loans go bad and can make more than if they accepted a lower price from a short sale.....thats why many short sales fail still(ps- the obama loan modification program is a total joke....)...... if its a foreclosure then i assume its listed by a realtor......get a realtor to find comps to justify low price and make closing minimal contigencies.....good luck get banks to give cash back on a foreclosure....instead just offer a lower price.....banks purely care about their net at the close of escrow....if home needs work be careful what type of loan you get(FHA loans are ver picky about home condition)....if i have cash offer what i do it find the lowest comps to justify low price and get a anal home inspector to find everything wrong and then use those things in the inspection report to negotiate a lower price....but trying to ask for cash back from a bank foreclosure is pretty rare....if the home isnt too bad condition and you are getting a loan check out the FHA 203k loan....you can buy a home up to usually FHA limits of $417,000 with 3% down and get your repairs wrapped into the loan...its a gov't handout loan essentially to motivate people to buy up dated home(not structural issues) and must be owner occupied homes when buying it(you intend to live in it)
http://www.hud.gov/offices/hsg/sfh/203k/203kabou.cfm

IF you decide to go with a 203k loan make sure the mortgage broker/bank has done those loans before and knows how to process them as the repairs/updates are paid out of escrow and it takes some experience properly doing them

you can use local public records(or ask title company/realtor) to get an idea of the loan amount that was defaulted on to get an idea of what the bank had into it.......when bank takes over home, all other debts are cleared but make sure to check all title issues/proper permits taken/home inspection/understructure/etc...as bank doesnt have to disclose anything about condition/etc....like a normal seller does....banks are waived so you buy as is

i love buying from banks...come is with clean offer/quick close/solid low-ball comps justifying low price and you can get amazing deals....everyone talks about buying gold for inflation,etc....but real estate long term is my solution for inflation....

if the home is that good a deal and its actively on the market by a realtor I would call the listing agent and ask whats wrong why it hasnt sold....some agents will just tell you everything ....and i like asking neighbors
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Old 07-23-2010, 03:33 AM   #20
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Fuck, 4,700 sq/ft for 420k or some shit like that. Either A) A mass murder was commited in the house B) It haunted C) Your getting a good deal?

Could you take a few pics and post em here? I'm interested to see the condition of the house (and the house itself :P)

Where I live 400k will get you a middleclass 1,200-1,500 sq/ft 20 year old home. But once you up it to around 500k you can get those bigger up to 3,000 sq/ft newer home like 10 years> old.
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Old 07-23-2010, 03:58 AM   #21
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Old 07-23-2010, 12:25 PM   #22
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Old 07-23-2010, 12:26 PM   #23
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You can see that it definitely is outdated and needs work. Also, for some reason the exterior of the house was re-stuccoed, and I need to find out why.
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Old 07-23-2010, 12:48 PM   #24
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idk if this was mentioned or not, but make sure you know what the property taxes and hoa fees are. If the house was worth over $1 million, it is possible the property taxes could still be extremely high. Same with hoa.
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Old 07-23-2010, 01:01 PM   #25
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You can see that it definitely is outdated and needs work. Also, for some reason the exterior of the house was re-stuccoed, and I need to find out why.
+rep thanks for posting pictures

Thats a pretty ballin house, but yah I can see why you'd want to redo/change some stuff around.

Still looks like a killer deal, but I dont know shit :P so I'm problaby wrong
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Old 07-23-2010, 08:20 PM   #26
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yeah, looks like nice house but if its in area like las vegas where entire subdivisions of homes like that are defaulting then you could wait a long time for appreciation.....price is all relative to wherever you are and price/sq ft isnt the greatest basis for value but in this market you can pick up homes built in the last 5-8 years for less than cost of construction....material costs are going back up....yes, property taxes for homes built at peak are assessed at those high values(depending on state you can appeal those values)........anything built during the peak was built for resale prices at significantly higher prices so you can can get them dramatically below actual cost of construction since they were built with higher end amenities......also buying up developable land is what the smart money is doing right now.....had client last month offered a bank 200k cash for land already approved for 24lots that the bank had a loan to a developer for $1.1million.....bank took it because developers cant borrow/get financing right now....prime land is dirt cheap right now.
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Old 07-23-2010, 08:50 PM   #27
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I always get bothered by the local property taxes for some reason. IF you are ok with all the taxes then the house has potential.

I like Zillow.com because gives you good info about the house and the neighborhood.
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