topic Re: Need suggestions quick before putting an offer in tomorrow!! in Mortgage Loans

Need suggestions quick before putting an offer in tomorrow!!

Anonymous — Tue, 21 Feb 2012 05:28:37 GMT

I went and viewed a house today with my realtor that my kids adore, and I can see myself living in for 30+ years. It's an REO and priced at 59,900. To give us a stable place in the bidding process, my realtor and I had talked about going in at 62,500 without any contingencies as an initial bid, but I just saw where the bank had purchased it at auction for 68,400. Does that matter? Should we go in stronger? or stay at 62,500 to leave room for our highest and final? It's only been listed on the market since Friday, so given the weekend and holiday, we're hoping we'll be one of the first bids. HELP!

Re: Need suggestions quick before putting an offer in tomorrow!!

Anonymous — Tue, 21 Feb 2012 05:40:53 GMT

Wow! Congrats!

I would say $62,500 is very good and higher than what they want. Now, did you get the house appraised or have any idea the condition the house is in? If not, you will be able to go back down with your offer. If it is a REO, I am not sure if the bank could do much for you (as-is).

Good luck and God bless. I am putting in an offer too for a distressed home. I know how you feel and I hope I could get this with a good offer (I am submitting $20k lower offer). The building is so unsafe to enter, I rather come in very low. No other offer is on the table and the house has been on the market for over 180 days.

Re: Need suggestions quick before putting an offer in tomorrow!!

Anonymous — Tue, 21 Feb 2012 06:18:21 GMT

I checked the house out today, the carpet upstairs is dirty but I can pull a 203 to replace it, might just clean it as it is wear and tear with no stains, no smells, and no worse than the apt I've lived in for 5 years and the used carpet that was in here when I moved . It will also need paint and a few small holes patched. Structurally it's fine, water heater is fine, A/C is fine, all the main fixtures are fine. Appliances all work and has granite counters. It was built in 2007 so it's basically 5 years old. Roof is tile which should last up to 20 years and there's very little rain here in Las Vegas. There will be an appraisal done before closing and whatever price it is appraised at they usually drop the selling price to it or they're stuck with an FHA appraisal for the next 4 months on the property at that appraised value. If I get noticed that my offer is good, the director of the company I work for is also an inspector for the Housing Authority and the owner is very heavy in real estate. They've offered to do a prelim inspection for me before paying for one, that way I can ask the inspector about specific things. I also use to work for an appraisal company, so I'm familiar with certain things. The market area is between 56k and 64k, but I'm just worried if the bank will take a loss on a property they bought at auction?

Re: Need suggestions quick before putting an offer in tomorrow!!

boomhower — Tue, 21 Feb 2012 12:08:50 GMT

Go with your realtors suggestions. They know the area and comparables, we'd just be guessing at best. Good Luck!

Re: Need suggestions quick before putting an offer in tomorrow!!

IOBA — Tue, 21 Feb 2012 18:26:55 GMT

LondonMassey - where did you get the information that the bank bought the house at auction for xx?

Here, when the property is foreclosed on, the county records an arbituary number that doesn't reflect anything close to the truth. It's a number for sales tax reasons, so county and state can collect some mula when the title changes names.

Re: Need suggestions quick before putting an offer in tomorrow!!

Anonymous — Wed, 22 Feb 2012 06:54:38 GMT

That's basically what my realtor said today when I asked him about it, I looked up the parcel number with the county and it had a few different documents online. We went ahead and offered $63,200 and switched from FHA to conventional to hopefully get some consideration. My realtor sent me a listing today on another house that is absolutely amazing but it was built in the 80's. I told him I wanted to see it tomorrow and to bring offer papers. This new house isn't a foreclosure or short sale and priced the same as the other house. I'm going asking price and if it's accepted, I'll be perfectly content. I like both houses equally but the listing from today looks like a suburban midwest home with a 2 car detached garage and even grass in the front yard, which reminds me of home. Very rare to find out west. Hopefully there won't be any issues when I look at it.

Ready to see which one bites first

Re: Need suggestions quick before putting an offer in tomorrow!!

frogfan12 — Wed, 22 Feb 2012 11:44:34 GMT

@boomhower wrote:
Go with your realtors suggestions. They know the area and comparables, we'd just be guessing at best. Good Luck!

Re: Need suggestions quick before putting an offer in tomorrow!!

Anonymous — Wed, 22 Feb 2012 13:08:54 GMT

My realtor sent me a listing for another house that was just put on the market and being that it isn't a foreclosure or short sale, I'm going to put an offer in for that one too. Since I'm sure the other one will end up in a bidding war, it may be easier to go with an owner sell and work that way than compete with investors paying cash and banks wanting to unload their books.

Worst that can happen is I have 2 offers in and lose them both I think I put myself in a strong position with the first house, but this other house is the same price and I'm going to go in at $61,500 and ask for half closing (basically seller is getting his money back plus a few hundred but less out of pocket for me). With the first time home buyer funds, my loan will actually only be for about $45k which will be amazing. Now to just land one of these bad boys....

Re: Need suggestions quick before putting an offer in tomorrow!!

Anonymous — Wed, 22 Feb 2012 13:10:25 GMT

Obviously, working 3rd shift makes me delerious.... I think I've repeated myself somewhat.