How much to offer for an REO luxury home in Dallas?

We are looking and helping a friend with house-hunting.





We recently came across a house that is listed for $500K. It was originally $560K. The bank owns it. The house needs some work, appliances, etc. How low can you make an offer considering it needs around $50K of work done? Homes in the area have sold for $650-850K range, but the market is soft right now for luxury homes.How much to offer for an REO luxury home in Dallas?
You really need to speak with a real estate agent in Dallas who knows the market rather than trying to ask real estate agents across the world. Try asking the question in Travel %26gt; United States %26gt; Dallas.How much to offer for an REO luxury home in Dallas?
If comparable properties have sold over a half million dollars, this house sounds like a good deal. If it needs $50K worth of of work, your friends will be into this place for about $550K, assuming they offer full price.





You MIGHT advise them to start somewhat lower, but it sounds like a decent deal at asking price.
Check all the comparable sales for the last 3 months. Factor in the rehab costs and offer below that. Just because the home is listed at $500K, it still may not be priced right. Typically most banks will look at offers within 10% of their list price. Most may counter your offer, but you can stand pretty firm to your initial offer and it should work out.





I would also consider asking for seller concessions for closing costs and repair/ rehab credit. Many lender owned properties for sale in Arizona are offering concessions and the banks are very receptive to offers asking for seller concessions.





I would ask the realtor representing the bank if they had any offers on the property. See what the bank has rejected and go from there. Find out how long ago the rejected offer(s) were from, maybe the bank will reconsider the rejected amount now, you never know.