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ali120206
2 Boys
Member since 7/06 17792 total posts
Name:
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Real Estate Owned Property Question - House in Neighborhood
A house in our neighborhood has been foreclosed upon - I kind of saw it coming, the people had sheets hanging on the windows and didn't mow their lawn and it looked vacant for awhile.
They bought in 2007, right after we did, for a bit more than we paid.
Right now, if I look online, it's listed at a price that I believe would be what they would've owed on their mortgage.
How do these properties work? Do people offer higher than asking and then the "best" offer is accepted or does it sell for that amount? It's a nice house (pretty much the same one as ours) in a nice neighborhood.
TIA!
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Posted 10/8/10 1:16 PM  |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Real Estate Owned Property Question - House in Neighborhood
the nice ones tend to go for asking or $1000 over asking
the not as nice ones tend to go for less
they will reduce the price quickly if there are no offers
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| Posted 10/8/10 1:19 PM |
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ali120206
2 Boys
Member since 7/06 17792 total posts
Name:
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Re: Real Estate Owned Property Question - House in Neighborhood
Thanks! I was hoping that you would reply.
Does it affect the neighborhood property values? It's listed at about $50-$75k less that I'd think homes of equal size (like mine) and $100k less than what our home was recently appraised for.
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| Posted 10/8/10 1:24 PM |
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MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
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Re: Real Estate Owned Property Question - House in Neighborhood
Posted by ali120206
Thanks! I was hoping that you would reply.
Does it affect the neighborhood property values? It's listed at about $50-$75k less that I'd think homes of equal size (like mine) and $100k less than what our home was recently appraised for.
I would think it would. It would be reflective of comps in the area...
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| Posted 10/8/10 1:32 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Real Estate Owned Property Question - House in Neighborhood
Posted by ali120206
Thanks! I was hoping that you would reply.
Does it affect the neighborhood property values? It's listed at about $50-$75k less that I'd think homes of equal size (like mine) and $100k less than what our home was recently appraised for.
distressed sales- short and REO are not comps for a regular sale
the way it effects values is by having a buyer buy that property over a regular sale in the area- which could make the regular sale drop it's price to sell
now the values have dropped- but the sale price of the REO or Short sale will not be used as comp
I am a distressed property expert so if you have any questions feel free to FM me
Message edited 10/8/2010 2:24:49 PM.
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| Posted 10/8/10 2:07 PM |
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bicosi
life is a carousel
Member since 7/07 14956 total posts
Name:
M
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Re: Real Estate Owned Property Question - House in Neighborhood
Posted by Beth
Posted by ali120206
Thanks! I was hoping that you would reply.
Does it affect the neighborhood property values? It's listed at about $50-$75k less that I'd think homes of equal size (like mine) and $100k less than what our home was recently appraised for.
distressed sales- short and REO are not comps for a regular sale
the way it effects values is by having a buyer by that property over a regular sale in the area- which could make the regular sale drop it's price to sell
now the values have dropped- but the sale price of the REO or Short sale will not be used as comp
I am a distressed property expert so if you have any questions feel free to FM me
beautifully and correctly stated!
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| Posted 10/8/10 2:18 PM |
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ali120206
2 Boys
Member since 7/06 17792 total posts
Name:
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Re: Real Estate Owned Property Question - House in Neighborhood
Thanks so much!
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| Posted 10/8/10 9:05 PM |
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