If I offer 220K on a foreclosure that costs $294K asking price, will the bank consider?

Question

It has been in foreclosure for a long time, and I am approved by the same bank that owns the house...is this a real shot in the dark, or would they ever consider?

Answer 1

make the offer, look its a misconception that if you have cash in this market you will easily make a deal, no it takes hard work to find a good deal, hence just keep on making low ball offers at one point some one will take the offer but they are not going to just through themselves at your feet

Answer 2

Sure.  Look up the property in tax record, see what it sold for when 'everything was good'...you can find out what the mortgage amount is...

and just becuase there is X for a mortgage, thats not the banks bottom line...they sent an appraiser out to figure out what the real bottom line is, they just wanna recoup as much as possible.  theres alot of good deals floating around out there

Answer 3

They will decline.  You are asking for a $75,000 reduction in price.  The bank wants to sell the property, but they're not going to give it away.

Answer 4

You have nothing to lose. Take the shot.

Answer 5

$220k seems a little high.

What would you rather have happen...offer too low and have them say no..or offer too much and they say yes?

Answer 6

There are many different factors that banks must consider in accepting an offer on one of their foreclosed homes.  You can always put in the offer and maybe they will say yes, but there is no guarantee.  

If the bank says yes, do you have the money to make any needed repairs to the house?  If you find major damage can you afford to have it fixed?  How much do you really know about this house?

If you feel comfortable with putting in an offer and can cover all contingencies then try for the house.  

Good luck.

Answer 7

It is not even likely they will bother to decline it.

They do not care if it does not sell, but they are going to only look at reasonable offers.   This to a very low low ball and the chances are this is already a low price.

Answer 8

Banks don't want these properties, will they look at it? Yes. But they will counter to the most recent BPO or appraisal. Even in this declining market they do not want to lose any more than they have to. Don't give up! If they decline it and there is no activity in a week then re submit the offer. Be persistant and it will pay off.