[Mrprez]

Originally Posted by manaboutown

That is not how it works as the lender as well as the owner must approve the offer and being bureaucracies they tend to take their time. An offer's three day time limit means nothing to them. They don't care. My point is that it is a good idea to first attempt to inquire of the lender about what they may be willing to accept so that if it is way out of line you need not waste your time. You can always make whatever offer you want of course.

Not that I claim to be an expert but I have gone through this a few times and bought REOs as well. Some have taken six to nine months to obtain a purchase agreement accepted by all parties concerned.

In negotiations it is of course usually better to get the other side to name a price first. We all know that.

That long? Even if it’s been listed for 3 days short of a year? Seems they would want to get it off the books ASAP. We aren’t in any big rush, but don’t want to stand around that long.

Here’s the listing: 1837 Sanibel Ct, The Villages, FL 32162 | MLS #O5798167

[manaboutown]

Originally Posted by Mrprez

That long? Even if it’s been listed for 3 days short of a year? Seems they would want to get it off the books ASAP. We aren’t in any big rush, but don’t want to stand around that long.

Here’s the listing: 1837 Sanibel Ct, The Villages, FL 32162 | MLS #O5798167

I experienced those kind time periods a few years ago in a volatile market area when the housing market was in a major downturn and many highly leveraged houses flooded the market. I think in those particular 6-9 month situations the lenders were sitting back awaiting better offers. Perhaps they were expecting the market to strengthen and they would get better prices. I don't know. That is only a guess. If lenders become desperate they may even offer below market financing rates. On one REO I obtained both an incredible price and below market rate financing. It just depends...

My point is that if you can try to get a grasp of the lender's position and criteria ahead of time you can determine whether it may be worthwhile to proceed on this particular house. It is not the usual buyer - seller deal. It is a three party deal. The lender usually is on top of the market and knows what kind of hit it has to take.

OK I just checked the listing. Good news (I think). PRICE APPROVED. The way I interpret that is the lender approves a sale at the listed price. Of course you can make an offer for any price you wish. Best of luck!

[Mrprez]

Originally Posted by manaboutown

I experienced those kind time periods a few years ago in a volatile market area when the housing market was in a major downturn and many highly leveraged houses flooded the market. I think in those particular 6-9 month situations the lenders were sitting back awaiting better offers. Perhaps they were expecting the market to strengthen and they would get better prices. I don't know. That is only a guess. If lenders become desperate they may even offer below market financing rates. On one REO I obtained both an incredible price and below market rate financing. It just depends...

My point is that if you can try to get a grasp of the lender's position and criteria ahead of time you can determine whether it may be worthwhile to proceed on this particular house. It is not the usual buyer - seller deal. It is a three party deal. The lender usually is on top of the market and knows what kind of hit it has to take.

Thanks! Great information. We’ve bought a sold a few houses in our time but this is the first time we’ve been down this road.

[retiredguy123]

Originally Posted by Mrprez

Thanks! Great information. We’ve bought a sold a few houses in our time but this is the first time we’ve been down this road.

The house doesn't look like a bargain to me. Zillow says the house is worth $213,331. I wouldn't even offer that much for it. The house is 20 years old, and you would be paying more than almost every house on the street. If the house was a bargain, a real estate agent or investor would have bought it by now. In that price range, there are plenty of newer houses that you can buy. I would also point out that an owner who cannot make the mortgage payments is likely to have neglected the maintenance on the house. When I make an offer, I give the seller 24 hours to accept it. And, in my experience, banks are a real pain to deal with, and they are rarely willing to give you a bargain price. Also, the bank is not going to lose money either way because the loan is probably insured. Just my opinion. Good luck.

[Mrprez]

Originally Posted by retiredguy123

The house doesn't look like a bargain to me. Zillow says the house is worth $213,331. I wouldn't even offer that much for it. The house is 20 years old, and you would be paying more than almost every house on the street. If the house was a bargain, a real estate agent or investor would have bought it by now. In that price range, there are plenty of newer houses that you can buy. I would also point out that an owner who cannot make the mortgage payments is likely to have neglected the maintenance on the house. When I make an offer, I give the seller 24 hours to accept it. And, in my experience, banks are a real pain to deal with, and they are rarely willing to give you a bargain price. Also, the bank is not going to lose money either way because the loan is probably insured. Just my opinion. Good luck.

You could be right. I reminded myself that those pictures are a year old now. Anything could have changed in that time. Thanks for the input.

[retiredguy123]

Originally Posted by manaboutown

That is not how it works as the lender as well as the owner must approve the offer and being bureaucracies they tend to take their time. An offer's three day time limit means nothing to them. They don't care. My point is that it is a good idea to first attempt to inquire of the lender about what they may be willing to accept so that if it is way out of line you need not waste your time. You can always make whatever offer you want of course.

Not that I claim to be an expert but I have gone through this a few times and bought REOs as well. Some have taken six to nine months to obtain a purchase agreement accepted by all parties concerned.

In negotiations it is of course usually better to get the other side to name a price first. We all know that.

I agree that banks don't care. But, I wouldn't waste my time with them, especially since this house doesn't look like a good deal anyway.

[Cobh521]

Originally Posted by kpd3062

Are the pre-owned homes listed for sale through the Villages sales website negotiable? I’ve heard they don’t negotiate on The new homes but wasn’t sure on the existing homes.

Yes they are negotiable. I would also advise working with an MLS Realtor as well as a Villages agent This way you will get to have the opportunity to see all preowned homes that are for sale that meet you criteria. I highly recommend Katy Kelly from RE/MAX Premier Realty. She can be reached at 352-355-7982. She is very familiar with The Villages homes.

[Double Eagle]

Originally Posted by VillageIdiots

Pre-owned, absolutely. However, if someone is selling that has lived in it less than a year, you probably won't get much movement. You are only allowed to sell within the first year for what you paid plus what you can prove you have spent on it, so even at list price, the owner is, at best, breaking even.

Never heard of this anywhere. Who says a seller can't sell for any price they want to sell it for?