Foreclosure in Edison Park>Question Details

Inca, Other/Just Looking in Edison Park, Chicago,...

I know of a foreclosed condo I am interested in

Asked by Inca, Edison Park, Chicago, IL Fri Dec 31, 2010

It is new now one lived in it -they are asking a specific price -is there room for negotiation if bank owned

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9
Inca,

I grew up in Edison Park. There are strategic ways to tackle distressed properties and the term "foreclosure" gets thrown around loosely nowadays. There are many aspects of the foreclosure process specific to each property that are important to know anytime you are considering pursuing one.

Feel free to reach out to me, if you would like to discuss further.

If not, Happy New Year!
1 vote Thank Flag Link Fri Dec 31, 2010
Inca,

If you decide to put an offer in on a foreclosed property, definitely put in a lower offer. In most situations, if you are the only "bidder" then the bank will counter if they are not satisfied with your offer. It never hurts to go in low. If there are multiple offers, the listing agency will notify you of the multiple offers, and ask you to submit your highest offer. As everyone else mentioned, get yourself a buyer's agent to help you. You don't pay for a buyer's agents' services so you can use and abuse them all you want. We are there to help you and guide you through the process, no strings attached. Using an agent can only help, not hurt you. Hope this helps.

Marcin
0 votes Thank Flag Link Thu Jan 20, 2011
There is always room for negotiation. You should contact your agent so they can draw you up a CMA so you know what a good offer would be. If you don't have an agent go out and get one. Interview two or three agents and go with the one you mesh best with.

Matt Laricy
Americorpre Real Estate
Brokers Associate, e-PRO
Mlaricy@americorpre.com
7082502696
0 votes Thank Flag Link Sat Jan 1, 2011
Banks and their Reps often times like to say that you are buying an REO 'as-is' and there isn't any room for price reduction. 'The house is priced low enough'. From my experience, there is room for negotiation, you can offer less. The Banks tend to be less willing to negotiate if the property has only been on the market for a short time. The longer its on the market the more they tend to open up. Often times Banks are ill-informed about what they actually own and what it is realistically worth.
Offer what you are willing to pay and be prepared to wait a ridiculous amount of time.
Web Reference: http://www.aic-chicago.com
0 votes Thank Flag Link Sat Jan 1, 2011
There is usually room in the price depending on a variety of factors such as how long it's been on the market and how easy or not it might be to get a mortgage based on the finances (or lack there of) of the association. In this market condos can be very difficult to finance. There is nothing particularly 'strategic' about writing or negotiating an offer on these. The bank has it's criteria and 'process' that they follow regardless of what you say or do. If the property is very over priced there is nothing you can do to change there mind. In time they will lower it. Your 'timing' may be good or bad. It all depends.
0 votes Thank Flag Link Fri Dec 31, 2010
Inca,

Good Afternoon & Happy New Years.

Yes, there should always be some type of room to move, when putting in an offer on a home.
Work with your agent and put together a game plan as to where to best attack.

Also, like the advise below, make sure you can get a loan for that property, in that area. Lenders
are pretty picky in some sub-divisions when it comes to loans.

I hope that helps.

-Shawn, REALTOR
0 votes Thank Flag Link Fri Dec 31, 2010
Absolutely. You need a good real estate agent that specializes in foreclosures to make sure that they can handle the negotiaations properly. I specialize in both foreclosures and short sales and work on a 6 man team for Koenig & Strey dealing with Wells Fargo foreclosures also. I would be happy to work with you. Just take a look at my website and feel free to write me or give me a call and I can explain to you the process. It's very simple as long as you have all your ducks in a row.

Jennifer Place
0 votes Thank Flag Link Fri Dec 31, 2010
Hello Inca,
Yes, there is room for negotiating on a foreclosure but if the property is priced way under market value then you may have competition from other buyers which pushes the price up. I suggest working with an experienced real estate agent who can guide you through the foreclosure purchasing process. Your agent can discuss with you other similar properties in the neighborhood that have sold recently so that you can determine if your offer is competitive.
I hope this is helpful.
Good luck!

Laura Feghali
Prudential Connecticut Realty
0 votes Thank Flag Link Fri Dec 31, 2010
Talk to a lender in your area about how likely it is to get a loan on a condo. Here it is almost impossible since lenders are just not loaning on some condos which is forcing many new ones into foreclosure because they are unable to sell the units. Then contact a Realtor to help you in the process and get you in to see the unit.
0 votes Thank Flag Link Fri Dec 31, 2010
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