Foreclosures Listed By Agent - Can I Get A Deal?
I have been doing some research to find my counties foreclosure auction list. The next auction is 2/2/04. I hope to go , not to bid, but to get the experience and learn. My question is that I have found 3 nice houses listed by real estate agents from that list. Does this mean that if I made a low offer they may accept because if not they will be auctioned soon? Are people desperate enough to take below FMV? The nicest is listed for what is owed, but not worth much more than that. Is it unfair to offer less than I know they owe? Thanks!
[addsig]
You can offer less than they owe but unless the seller is willing to make up the difference (including the payment of the brokerage commission) its a no go UNLESS you get approval from the lender. In this case you would be shortselling the property. Theres a great deal of posts on selling short on these boards and I'd commend them to you to review. SInce its already listed, I would say that the realtor need only submit a signed purchase contract along with a net sheet to the lender for review. I would include an estimate of any repairs that the property may need to justify your lower offer along with favorable comps. Hope this helps.
How did you find the foreclosure properties that were listed by agent? Did you drive by the property? or ...
Thanks
Once I had the foreclosure list from the county is used homeseekers website to search by street name. Out of 18 properties I found 4 listed by agents. This also showed me other homes on the same street and let me compare prices. I did a drive by on two others in great areas, but no for sale sign.
Dear Laura,
Do not be shy, go knock on the doors of those who have no sign. Also be not afraid to bid short. Just make the offer and let the Real Estate Broker work it out. Sometimes he can as they say "Paper the Shop" and you got a deal.
Fear not, go talk to the Brokers, most have their horns well hidden and the reddish color of their skin is from the sun. As to the forked tail, I say not.
Come on Laura Lee you are an attractive woman, utilize this weapon, smile, flutter your eyes, pretend to be of limited knowledge and challenged intelligence. It always works on me.
Cheers Lucius
Lucius...ON you or FOR you?
Sorry, couldn't resist that one!!!
Lucius,
"...smile, flutter your eyes, pretend to be of limited knowledge and challenged intelligence..."
If I weren't laughing so hard and you weren't 3,000 miles away, I'd smack you upside the head!
Have you forgotten that
"To be nobody but yourself -- in a world which is doing its best, night and day, to make you everybody else -- means to fight the hardest battle which any human being can fight; and never stop fighting."
(Marie Curie)