We found a house we like, it has yard we LOVE. It’s a short sale so bank is saying they abosolutely will not take less than 214k. 54yr old house appraised at 220k. Interior has been upgraded & remodled, but will need a new roof in next 10years. Home inspection shows about $2-3k in minor repairs if done by contractor(most of which we could do ourselves & save $1-2K). Bank is loosing 100k on this house because previous owner bought it at 320k when market was high(they will have to forgive debt). My feel is that with the market so bad now, they should take less because it’s only selling for 6k less than appraisal. My realestate agent said they wont(I saw bank letter), they’d rather foreclose on owners & try to recoup that way. Is there a website or how would I know what other homes in 95973 area sold for recently based on appraisal amount? Or how would I get this information? Please don’t say from realator, we cannot get anything from him and for personal reasons cannot fire him.
housefront.com
has current owner name
price paid
and an estimated appraisal price.
alot of other information as well.
or you can text the address and zip code to "46783" its a free service
March 3rd, 2010 at 2:43 pm
even if you could find out what the homes past history was for pricing – it won’t matter if the bank refuses your offer so it’s a moot point. This market is too good so if the bank isn’t accepting your offer – then go find another house. Banks are weird these days. And in the long run if you pass on this house – you might very well see it back out on the market later for a lesser sale price (but it will take the bank a while to get to that point) It’s the banks job to get as much as they can out of it (since they’re eating a loss anyway) but in the interim you can’t argue with the bank and your agent is doing their job. The agent has no power over the bank – sounds like the bank doesn’t like your offer – go find another home unless you want to pay too much for a house you like. (the bank knows you like the house so they won’t budge I can almost guarantee it) In this market – you have to be able to walk away too. Don’t let emotion manage your purchase. Good Luck
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March 3rd, 2010 at 2:56 pm
The bank has agreed to take a loss on this house, which is what a short sale is. If they say the price is $214 that’s probably what it is, and I’m not sure you’re even going to have the discount for repairs you say need to be done. Other than having the house appraised yourself, there is no way you can get an accurate idea of what it is worth. Also, in today’s market it’s going to be worth less tomorrow (I’m exaggerating but not by much).
The bottom line is that if this is the house you want and you think $214 is a good deal, do it.
If you have a bad relationship with your realtor then you seriously NEED to fire him. I don’t care if he’s your long-lost brother and he only has three weeks to live, you still need – and deserve – to be represented by someone you trust and with whom you can communicate.
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March 3rd, 2010 at 3:34 pm
That is public knowledge, go to your city or county website. You can go to the assesors or code compliance, they can tell ou everything from how much taxes are, any outstanding violations with the city such as trash bill, permits not pulled etc. and how much it was sold for. It is important to find out about any homes standing with the city as far as bills, violations etc. before you buy, because after you sign you will have to pay that.
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March 3rd, 2010 at 3:58 pm
You are looking for some sort of excuse here to convince the bank to sell you this property at less than its current market value. The bank is already doing that, by a figure of $6,000.
Professional appraisal results are not public information. You may be able to find what other similar homes sold for recently by checking records in your local county land office.
However, I think you are chasing a dead horse in that regard. The lender obviously feels that they are at bottom price, and are willing to take the chance that they will do as well financially by foreclosing and putting the property on the market.
Your options are to take their offer or to walk away from the property.
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March 3rd, 2010 at 4:41 pm
http://www.city-data.com/real-estate/CHICO-CA-95973.html
http://www.zillow.com
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March 3rd, 2010 at 4:56 pm
See web sites listed above by JP and don’t be afraid to bargain more with the bank. Buyers can be tough in todays market.
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March 3rd, 2010 at 5:05 pm
housefront.com
has current owner name
price paid
and an estimated appraisal price.
alot of other information as well.
or you can text the address and zip code to "46783" its a free service
References :