Real Estate Internet Marketing

Archive for November, 2008

Overseas Property Investment | Unique plot of land in Greec

Question: First-time buyers considering a short sale home?

We’re first-time buyers, and found a house listed for 275K as a short sale. The estimate on Zillow.com (which I know isn’t necessarily accurate) is about 220K. So I’m wondering how to go about negotiating with the lender on a price that I can afford. Should I get an appraisal done, access public records to find out about foreclosure, and bid 200K (total price, including closing costs) and wait for them to counter-offer? I’m new to the real estate market, but have done a little bit of research. Should I hire a broker who’s experienced in short sales?

Answer: Zillow’s usually pretty accurate so I’d be real cautious about that much difference. A bid of $200K on a short sale where the asking price is $275K; that would probably take 6 months or longer while the lender waits for better offers. Short sales are notorious for that and that’s when the offering price and asking price are close.

I just bought a short sale a few weeks ago and it went well. But I offered the bank’s asking price, a figure that was priced very aggressively. If you’re first-time buyers I wouldn’t recommend going it alone on a regular sale let alone a short sale. It can be a long frustrating wait only to find out after 6 months that the bank has decided to go with another offer.

Short sales can be a great buy but be cautious. First time buyers often get eyes that see only what they want to see.

Real Estate Appraisal Explanation from Quicken Loans

How to reinvent yourself using relevant content on your website.