Can Old Sale Price Be Used As Negotiating Tool With Bank?(m)
If you know what the a house sold for when last owner had the property before they went into foreclosure, can this knowledge be used when making an offer? I want to purchase a home for myself now and the bank is asking 154,900 but I checked on the foreclosure list and the last price it sold for was 145,000.
Any advice is appreciated.
Thanks guys and gals,
quinnj
Oftentimes banks will list the property at what they are owed on the property. You can submit any offer you can and any information about the property you can send them may or may not be helpful. I would write on the contract itself to see attachment pages 1-4 or whatever to make sure the realtor submits the extra info. GOOD LUCK
As in all real estate transactions the asking price and accepted price have no correllation. I like to submit an offer for 70% of asking price in this case $110,000.00 and resubmit weekly until the house is sold to me or someone else.
Is this an REO property with the offer submitted to a realtor? I have never heard of submitting comps to a realtor on a P&S agreement. Is anyone else doing this?
Brenda
No, the realtor I'm working with is going to submit it to the bank.
quinn
Depends on how long ago this sale took place. If the sale is recent, it can be a very good comparable for negotiating.
After all the best evidence of value would be the subject property which would be adjusted for time and condition.
However, there may have been some capital improvements which have enhanced the value of the property.
i always say "no venture no gain"
I have sent in all types of documentation to try to show what the home is worth. I have no idea if it helps or not but it seems to work out.