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!
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.
Americorpre Real Estate
Brokers Associate, e-PRO
Offer what you are willing to pay and be prepared to wait a ridiculous amount of time.
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.
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.
Prudential Connecticut Realty