Bid Right for aReal EstateShort SaleIt is well possible to buy a short sale Contents Introduction…………................…….……1property at a ridiculously low price and flip it Know Fair Market Value.................…2on for a huge profit right away, but it is Evaluate What Needs to be Done.....2important to know how to bid right before Find out the Broker Price Option.....2 Adjust for Location…....………………… 3buying. The way to do it is to have a logicaloffer 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 DoneIf your target property is in average condition, then the fair market value is a goodguideline. If a great deal needs to be done though (like re-roofing or rewiring), thenreduce the fair market value by that cost. If it is impeccable, you may need to pay more.Find out the Broker Price OptionThe lowest offer a lender will accept is called the brokerprice option. This is the least they will agree on an auction -and this may be up to 20% below fair market value. Your bidshould lie somewhere between these two points.
3Adjust for LocationSo far, we are dealing with price trends in a suburb. Butsuburbs have good and bad spots too. If a home is on abusy road, you can bid less than for one in a quietneighborhood. The condition of adjacent properties hasan effect too. By following this advice, you can evaluate propertiesForeclosure Deals listed on ForeclosureDeals.com more effectively and bid12550 Biscayne Blvd, 306, NorthMiami, FL 33181FAX: 1-347-402-6620 right at a real estate short sale. You will also have all theContact@foreclosuredeals.com ammunition you need to convince the seller and theIf it’s not a deal, we won’t list it here!Find us on the Web: lender to accept.www.ForeclosureDeals.com