Absolutely! I am working with a young lady now who viewed a home yesterday priced at $104900. The selling agent informed me that in his opinion the house was listed $20000 too high and that it would resale for at least $116,000 if fixed up. She is definitely going to offer less. The key to negotiations with bank owned property is to make a good offer, be able to close quickly, and pay cash if at all possible. Feel free to contact me if you have further questions.
Re/Max Choice Properties
You have received some excellent information here.
Here's a word of caution....the "short sale" or "foreclosure" reaql estate purchase roadway can be a bumpy one.
There are also definitely good opportunities available. Unfortunately, many people are getting caught up in thes types of sales because of all the media hype. Some of the best deals out there today are normal real estate transactions involving owners who purchased prior to the big RE boom. People that bought at a fair price before 2003 can and do often sell their homes at prices that are well below those going in foreclosure.
Our advice....explore all of your options and don't leave out the real deals by getting caught in the hype.
We would be happy to provide additional information if requested.
Best of luck,
The "Eckler Team"
Century 21 Almar and Associates
Venice, Fl 34285
First as with anything else in real estate it is all negotiable. But heed the advice of the other agents. Banks are not going to lose too much on this deal. If you think you are going to get a real steal from a bank think again. Also be ready for a long drawn out process. The banks are going to take the highest and best bid they get. So if there are multiple bids I have seen some banks even just notify everyone with a bid in and ask them to turnaround and submit their own highest and best bid. Then they will take the highest of those bids. So if you do enter into a contract make sure you have an attorney look at the contract very closely and advise you of all the in's and out's
Coldwell Banker Triad
Be sure you understand what you are agreeing to, and that you are OK with it. If you are getting a great deal then it may be worth it to you to take the risks they make you accept.
1. If there are multiple offers on the property you want, going lower will not work.
2. In almost every case the bank is going to take the "Highest and Best" offer, this means highest price
and best terms based on how quick will it close escrow, do you need a loan or will it be cash.
Most of the reo's I handle for banks are getting several offers, one of the agents in my group got 20+ offers on one property! A good asset manager (the persn working for the bank that is in charge of a property) will price a property low right off the bat to get multiple offers and or be sure it sells really fast. In my opinion reo's (bank owned properties) are the best deals in the country today! unlike short sales where you wait for a few months to get a response.... and then in the meantime property values have dropped below your original price... it;s a real pain... Reo's are quick to respond in most cases within just a couple of days you either get it or you don't.. plus you have heard the staggering numbers.. any place from 700K to 2 mil homes will go into foreclosure this year... the banks are not in the real estate business rik, they just want rid of these properties asap....
hope this helps with your purchasing game plan!
Leanne Smith - agent
Another phenomenon which is occurring in this country is the "Short Sale". This is when a seller has borrowed more than what the house is valued at in today's market, and they need to sell before foreclosure.... banks are now accepting less than what is owed...but this is a complicated, long process of generating the paperwork that proves hardship etc. A good real estate lawyer can answer more of your questions. Good Luck, it's a buyers' market right now. Edith