Buying or Selling a Home/bank owned

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Expert: - 11/24/2009


Question
I put a bid in on a house of 376k, on the contract my agent put if the house appraised lower than 376k  we would re negotiate to the appraisal price. My question is... can you counter a lower price or am I stuck with my original bid?  

Answer
Hi Tricia,

Congratulations on getting into the market.... great deals are all over right now...

You can change an offer at any time prior to consummation with the seller (in this case the bank)

Keep in mind most banks do not counter back... they wait... your best stratigty is to submit your final and best at the get go with bank owned properties...

It has also been my experience (just happen today even) the bank will reduce the price to the sale to the appraised value... so if your appraisal comes in lower... most likely you will get the lower price... or you can cancel the deal...the bank simply wants to close once in escrow...

Hang in there... keep bidding until you get a property... it is a great time to buy unless you are a buyer... very hard in my area right now, multiple offers on properties of this price range competing with cash on many... good luck..

ps.. get a good agent and listen to the advice!

Buying or Selling a Home

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Connie Wildasinn-Broker,GRI,RealtorŪ

Expertise

Broker,GRI,RealtorŪ, Investor since 1979. Buying or Selling Residential and Income/Investment Properties, How to understand the process, how to negotiate through the transaction, What to Look for - But more importantly 'What to lookout for!', How to tell if the time is right - or hold on and wait. Why not to listen to your friends and even your family members, Who really has your best interest at heart?. Understand why any market is a good market and how to spot a good investment for you! If you are looking in California.. check out my website www.MetroCalBrokers.com and if you need assistance in a neighborhood I don't service, I will locate a local agent to that area who actually knows their profession and can assist you in your needs!

Experience

4th generation Realtor in the real estate business, I have helped for over 2 decades clients buy and sell, I am the owner of a local brokerage in the Los Angeles /Long Beach area, and have been a top producing agent in the area since I became licensed. Working through a deal is different to every client, no two people or deals are exactly the same. Knowing how to bring professional advise to the table with clear and concise understanding of real estate world. I can help you handle your buying, selling and investing, managing a 1031 Exchange, working with Equity Sales, Probate, Pre-Foreclosure Regular and Short Sales there is little that I have not seen come across my desk over the decades!

Organizations
NAR, CAR, WCR, ABR, e-Pro, GRI, BKBIA, CHNA,SSG

Publications
Broker Agent Magazine Long Beach Business Journal Long Beach Press Telegram Signal Hill Tribune Grunion Gazette All Experts Zillow - Lead Agent - Advise Expert Truila - Advise Expert

Education/Credentials
Broker-owner, RealtorŪ, GRI,e-Pro, SSG-Short Sale Certified

Awards and Honors
Managing Broker for MetroCal Brokers. We merged my old brokerage with MetroCal this year, and we look forward to expansion and growth moving forward. We currently employ 30 Realtors and growing. 15 years running top selling agent in Long Beach, South Bay area California. Top Producer 5 years straight Re/Max, C21, Realtyworld.

Past/Present Clients
upon request = or check out our website www.MetroCalBrokers.com and check the Testimonials section!

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