Foreclosure in 75088>Question Details

Jamie, Home Buyer in Dallas, TX

Once the bidding period is over on a VA Foreclosure, does the VA ever counter an offer? Or do they just

Asked by Jamie, Dallas, TX Thu Feb 7, 2008

reject any offer they do not approve? Thanks

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1. well how can someone find the note balance on a foreclosure to get an idea of what the bank is looking to recover. As i understand it i also wanted to ask. Banks do generally finance buyers on a property that will be used as a homestead, but are the financing terms more different or similiar?
2. After closing on a foreclosure can a seller/bank be held liable for any major foundation discovered within a certain time frame?
0 votes Thank Flag Link Tue Feb 12, 2008
I agree, too busy in the back. Same bank, same listing agent interesting... There are tax delinquencies on it too that they must be looking to recover. I haven't seen the interior but if it's in move-in condition, it probably is worth going up a couple of thousands. They did drop it 20K. That's a nice neighborhood with low turnover. However, the house doesn't have a 4th bedroom or a study which may hurt in the long run.

Ok, enough rambling... You probably know what you need and want to do.
0 votes Thank Flag Link Thu Feb 7, 2008
Jamie,

I just did a quick and rudimentary search on VA foreclosures in Dallas County. The avg list to sales price was 100%......some went as much as 8 or 9% over the asking price. There's only a couple I see in the 94 to 95% of list price range. That should tell you a couple of things. Either people will pay the price for them, or they only let them go close to the asking price. Those % are not always off the initial list price, but the last price they had when it sold. One time I was told they will not counter because they are afraid of discrimination lawsuits. I'm not sure if that is true or not, but sounds about right. Good luck.
0 votes Thank Flag Link Thu Feb 7, 2008
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
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It is the other one. I didn't care for the lot on walnut.
0 votes Thank Flag Link Thu Feb 7, 2008
Is this the house on Walnut by any chance?
0 votes Thank Flag Link Thu Feb 7, 2008
I haven't seen them negotiate. I've just seen them turn down offers that were pretty close to asking. I think typically they just want you to resubmit. If I remember correctly they're also just looking at a net number so it doesn't matter how you add up the columns....it's just the bottom line that gets it done.
Web Reference: http://www.teamlynn.com
0 votes Thank Flag Link Thu Feb 7, 2008
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
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That's a new one on me. Did you have your own realtor send write the offer or did you go through the listing agent? Was your agent able to tell you how much was owed on the note?

If you like the house enough and if you think it's worth it, you can submit another offer with a new price...
0 votes Thank Flag Link Thu Feb 7, 2008
they did not give a reason. The listing agent said there are no other offers. Closing date is within 30 days
0 votes Thank Flag Link Thu Feb 7, 2008
Were you asking for other things in the offer? such as closing costs? may be the closing date was too far out. Also, if they had another offer better than yours, they would just negotiate the other one since they already have better terms than you.

Sorry,
Web Reference: http://www.sumnerrealty.com
0 votes Thank Flag Link Thu Feb 7, 2008
wow. My offer is not much less than they are asking and they just reject it. No counter offer.
0 votes Thank Flag Link Thu Feb 7, 2008
VA does negotiate. Once the slp expires and they don't get the amount they want to net, they start looking at offers as they come in. They do counter offer like foreclosures.

The only one out there that doesn't negotiate is HUD.

Naima
Web Reference: http://www.sumnerrealty.com
0 votes Thank Flag Link Thu Feb 7, 2008
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