Ready for Forclosure?

Question

I found a house that is going to be going up for forclosure it has been on the market for 1-1/2 years and not an offer. It is currently listed for 129,900 I am thinking about offering the bank 95,000 when it does go up. They can always counter. Do banks counter? And is there a certain percent that the increase houses in todays economy in order to pretend to be negoitating. What is the average percent banks are getting for all of these house in forclosure... Have they been pretty decient to work with or are they being difficult.

Answer 1

How did you come up with the offer price of $95,000.00?

Some banks will counter, while others won't.

Is there a real estate agent involved in the transaction for the bank?

You need to do some work prior to submitting your offer. The more you know about what you are doing the better chance you have of getting your offer accepted.

See if a title company will give you a courtesy property profile with the loan information as well as compts.

This information is important because you will now know what is owed the bank on the present mortgage.

The compts will tell you what sold in the last few months and the price they were sold for.

If the compts indicate sales of around $90,000 to $95,000 you might have a good reason to submit this offer.

If the compts indicate sales of more than what you are offerring you might want to add pictures of grass overgrowth in the yard, roof in need of repair and other things that might bring the asking price down.

Make sure when you submit you offer the pictures are attached and the real estate agent understand that they are to be with the offer that you submit.

You have to do your home work to justify your offer. Banks don't just go with an offer because it is submitted.

This is why most offers submitted are not answered because the bank is not aware of the condition of the property nor what the compts are in the neighborhood.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 2

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Answer 3

Banks don't counter. Make your best offer. If you know that the sheriff sale and/or redemption period are not over, then you have a wait of about 6 months to a year. Banks are difficult to deal with because they have no emotion in this transaction. Your motivation is emotional.   Use a Realtor that has experience with foreclosed properties. Make sure if you make an offer on one that you make it contigent upon an inspection.

Answer 4

If the bank hasn't had an offer on the property, they might reply to your offer. But if several people have submitted offers they generally wait a bit and go with the best offer. Check with your real estate agent to see if there have been other offers on the property (they will ask the listing agent who usually tells) and if the answer is no, then you have a better chance of hearing back.

Interesting thing I have found in my look for a foreclosed home is that most times you won't get a home for less than the listed asking price. In fact on two occassions my offer was beaten by someone who offered MORE than the asking price. After a few months of searching and losing out on 4 homes that I was interested in I wised up and offered exaclty what the bank was asking for on the next home I liked.....and I got it.

Remember, foreclosed homes are being offered at a price well below market value, so if you agree to pay full asking price you are still getting a great deal.

Answer 5

yes they can counter but if you knew when the note was signed and for what amount offer wher it would be on the amortization scedule  they may only owe $75,000 unless you know different