Foreclosure in Saco>Question Details

compav2, Home Buyer in Saco, ME

If a FHA home is listed at $120000.00 is that price set in stone or can I go in with a much lower offer

Asked by compav2, Saco, ME Tue Feb 4, 2014

I want to buy a FHA home. The land is what I want. The home is in need of major repairs and is better off being torn down and rebuilt.

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Any offer you are comfortable with but certainly discuss with your RealtorĀ® to determine a fair but not best price. Allan
0 votes Thank Flag Link Sat Mar 29, 2014
The short answer is that you are free to make any offer you wish for any property. There are compelling reasons to offer different prices and your Buyer Agent will be able to explain the nuances of this process. FHA does require a more stringent appraisal and may require that the property be "livable".
0 votes Thank Flag Link Sat Mar 29, 2014
You can make any offer that you wish. My experience has been that FHA is waiting for and getting closer to their asking price lately. They have not been accepting low offers as readily as they did as recently as a year ago. That doesn't mean they won't take anything less than 120,000. If you are truly interested in the land, make an offer. The worst thing that can happen is that they say no, but they may counter at a number that you find appealing. If you want or need any advise on the FHA process, feel free to contact me.
0 votes Thank Flag Link Wed Feb 5, 2014
You can make any offer that you wish. My experience has been that FHA is waiting for and getting closer to their asking price lately. They have not been accepting low offers as readily as they did as recently as a year ago. That doesn't mean they won't take anything less than 120,000. If you are truly interested in the land, make an offer. The worst thing that can happen is that they say no, but they may counter at a number that you find appealing. If you want or need any advise on the FHA process, feel free to contact me.
0 votes Thank Flag Link Wed Feb 5, 2014
You can offer what you would like on a bank owned property. Many factors will play in to how they decide to respond- the amount of activity, length of time on market- contact Donna Roberts and Christine Paul of Your Real Estate Team at Keller Williams to help you out..info@yourrealestateco.com. We deal with bank owned properties a lot and have a lot of insight.
0 votes Thank Flag Link Tue Feb 4, 2014
You are able to offer whatever you want. Legally as agents, we must present any and all offers to our client (I'm this case the bank) Whether or not they respond to your offer is another thing. If you have more questions you can contact me directly. I would be happy to help.
0 votes Thank Flag Link Tue Feb 4, 2014
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