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Thread: Making an offer on property

  1. #1
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    Default Making an offer on property

    So I've applied for what is going on a third mortgage loan to compare interest rates and terms and hopefully, get the best mortgage. Does anyone have any advise as to how to make an offer on a condo? It's listed for X amount. It's very cheap, which is what I'm looking for because I'm obviously not rich. A couple of real estate agents were not very responsive to me when looking at the lower priced condos, 50k-80k for a one bedroom. One told me flat-out to wait until I save enough money for something better to have more to choose from. I told him I wanted to keep my monthly budget tight and he warned me about unexpected hoa fees, assessments, unexpected property tax hikes and utilities to deter me from buying. Another real estate agent told me that one of the properties I was interested in is "way far" from everything, even though it's like a 15-20 minute commute to the center and a lot of the old people live there because it's quiet and suburban.

    Anyhow, I finally found a real estate agent who just wants to sell, and is pretty persistent. Do I try and make an offer of 5%, 10% or 15% less than the price? It's been listed on market for 48 days, so not that long. It's a small condo in a very nice neighborhood, but the complex itself is obviously low-income from my visit the other day and seeing some of the other residents up and about.

    Anyone have any suggestions as to the contingencies I should include in my offer? And how much should I offer without seeming like a joke and losing the deal? Also, I notice that the property taxes are very low on this property, even though some of the condos I looked at in the worst neighborhoods, are much higher. Anyone have idea as to why?

    Also what is up with the other real estate agents who are flat-out discouraging and trying to steer me away from the properties in my price range?

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    Default Re: Making an offer on property

    Check into the financial condition of the condo association. Check with law enforcement to see of there are a lot of calls for service at that location. There may be a reason someone wants to unload that unit.

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    Default Re: Making an offer on property

    How do I check into the financial condition of the association? I'm told that the HOA documents will be available after I'm under contract. It looks like there was one condo in the complex on sale two years ago for 13k less than what this one is selling for.

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    Default Re: Making an offer on property

    Have you asked the HOA directly? Does it have something to hide? Google for any stories about it. Check the real property records for forclosures in that project. There could be something in the real estate or financial sections of online newspapers. See if the contract has a provision that allows you to back out. It might cost a few hundred but that could be better than being stuck with a white elephant.

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    Default Re: Making an offer on property

    It looks like the property was sold at Sherifs Auction. I'm thinking someone flipped it.

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    Default Re: Making an offer on property

    You have to wonder why it went into foreclosure. Was owner in other financial trouble, or just desperate to get rid of that property?

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    Default Re: Making an offer on property

    Or whether s/he died or went to prison? Inspection and appraisal is required, so I think I should be ok as long as the HOA is not a mess. I've seen a few complexes in a few complexes that are going into foreclosure one by one. At least it doesn't seem to be the case with this property.

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    Default Re: Making an offer on property

    You can look up what it sold for at the Sheriff's sale. You can see the entire court file, and you should. Once you know what it sold for at the Sheriff's sale, you can make an offer a little over that. If the owner turns it down, move on.

    HTH
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