Foreclosure in North Canton>Question Details

bloomcynthia, Home Buyer in North Canton, OH

If you are offering "cash" on the purchase of a forclosed home, will the bank negociate a low ball offer?

Asked by bloomcynthia, North Canton, OH Mon Feb 11, 2013

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Sorry for the iPhone typos -
0 votes Thank Flag Link Mon Feb 11, 2013
Hey Cynthia -
Less red tape like a cash offer will get banks to take notice but sometimes it ends up being a timing thing.. Example, I've made cash offers for my buyers when the listing is new, and the bank didn't flex at all. If they have a another offer on the table and it is financed, they may take that one even if you were close. My experience has been to make it close within the month and lthe east amount of contingencies will sometimes make them bend the most.. With the high volume of foreclosed properties, these banks are holding firmer to their price. We've have done well with cash offers on homes that have been listed for awhile. Hope that sheds some light -
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0 votes Thank Flag Link Mon Feb 11, 2013
Thank you. If it comes down to me making an offer, I'll let you know what transpires.
Flag Tue Feb 12, 2013
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