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Bid Right for a Real Estate Short Sale
- Added: May, 13th 2011
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- Username: foreclosuredeals
- Name: foreclosuredeals
- Homepage: http://www.foreclosuredeals.com/
- Documents: 33
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Real Estate
Short Sale
Contents
It is well possible to buy a short sale
Introduction&………. . . . . . . . …….……1
property at a ridiculously low price and flip it Know Fair Market Value.........…2
on for a huge profit right away, but it is Evaluate What Needs to be Done...2
important to know how to bid right before Find out the Broker Price Option. . .2
Adjust for Location…. . ………………… 3
buying. The way to do it is to have a logical
offer and convince the buyer accordingly.
2 Know Fair Market Value
Fair market value is what others have paid for a similar
property. Find out comparable sales in the same suburb
in the previous twelve months and ditch the 25% highest
and lowest. The average of the middle 50% is a fair
reflection of what the market is likely to stand.
Evaluate What Needs to be Done
If your target property is in average condition, then the fair market value is a good
guideline. If a great deal needs to be done though (like re-roofing or rewiring), then
reduce the fair market value by that cost. If it is impeccable, you may need to pay more.
Find out the Broker Price Option
The lowest offer a lender will accept is called the broker
price option. This is the least they will agree on an auction -
and this may be up to 20% below fair market value. Your bid
should lie somewhere between these two points.
3
Adjust for Location
So far, we are dealing with price trends in a suburb. But
suburbs have good and bad spots too. If a home is on a
busy road, you can bid less than for one in a quiet
neighborhood. The condition of adjacent properties has
an effect too.
By following this advice, you can evaluate properties
Foreclosure Deals
listed on ForeclosureDeals.com more effectively and bid
12550 Biscayne Blvd, 306, North
Miami, FL 33181
right at a real estate short sale. You will also have all the
FAX: 1-347-402-6620
Contact@foreclosuredeals.com
ammunition you need to convince the seller and the
If it’s not a deal, we won’t list it here!
Find us on the Web:
lender to accept.
www.ForeclosureDeals.com
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