Foreclosure in 07107>Question Details

Jgonzalez, Home Buyer in 07107

i am purchasing a home that is going on foreclosure, my offer was for 280 now the bank wants 330 what should

Asked by Jgonzalez, 07107 Wed Aug 26, 2009

i do, should i stay at that price and see if the bank will accept it?

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Audeliz Angie Perez’s answer
Jgonzalez,

I noticed that you posted your question in August. Did you make a decision? I'm curious as to what happened. You received great advice from other respondents.

What's sold in the area that justifies the bank's counter offer?
0 votes Thank Flag Link Tue Sep 15, 2009
BEST ANSWER
Jgonzalez
What does your agent say? What kind of dialogue have you had? What do the comps say? Banks dont want to give their money away, at the same time, they don't want to own a bunch of real estate. If you are not afraid that the house is priced in such a way that it will recieve multiple offers, I would submit the number that you want....and if they reject it, I would submit another number you are willing to consider. You never know in today 's market until you try.
Web Reference: http://carriecrowell.com
0 votes Thank Flag Link Thu Aug 27, 2009
Hopefully you have a good short sale specialist to guide you through the negotiations!
0 votes Thank Flag Link Tue Sep 15, 2009
You've definitely received some good answers here. But I want to go into another area of your question here and ask "are you sure you want to pay that price for a bank owned property in Newark"? I'm asking because I grew up and now invest and volunteer in Newark and there's not many homes there I would pay $330k for that are bank owned unless you're talking about the Forest Hills, (maybe) Ivy Hill, North and Ironbound sections of Newark. This question fell in the Newark area of this site so I have to ask. Also, a lot of homes have fallen into foreclosure in Newark with many houses having no chance to getting rented due to location. So if you're looking for local advice on buying a home in Newark and it's surrounding areas feel free to email me at ihughes@LodestarCapital.com - Good luck.
0 votes Thank Flag Link Sun Sep 13, 2009
You've got some great answers here! Remember, this is a negotiation. Speak to your agent, check the comps and go from there.

Laura Giannotta
Keller Williams Realty - Atlantic Shore
0 votes Thank Flag Link Thu Aug 27, 2009
I would concur with the previous posters, and in additon ask is your offer devoid of any contingenices (i.e., mortgage or home inspection) as an offer devoid of contingencies holds more strength than that of another (which you may or may not be prviy too).

Best of Luck,

Love and Peace,
Francesca, Realtor, ePro, SRES
0 votes Thank Flag Link Wed Aug 26, 2009
I would suggest that you reach out to an agent that has done work for banks. I work with both sellers and buyers and do a number of Broker Price Opinion's which the bank utilizes to ensure the accuracy of the number and that's the perspective that you are looking for.

Remember the bank is trying to get the best and highest number even in today's market so you should look at the Broker Price Opinion number as I call it and then determine how much you are willing to pay.

Let me know if I can help..

John W. Davis Jr., VREP
RE/MAX Village Square - Upper Montclair

Direct:973-944-5038
Office: 973-509-2222 x174
Fax: (973) 486-2137

http://www.njpads.com

Community Information: http://community.njpads.com
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0 votes Thank Flag Link Wed Aug 26, 2009
It depends on how badly you want the house and if it is really worth a $330K price. Also, if you are in an area of steep decline with many foreclosures, it may be worth walking and finding a better bargain. You could also counter with a "highest & best offer" that meets somewhere in the middle. When you offer your "highest & best," that tells the bank and listing agent that the offer represents your final offer, so there will be no more back and forth. Good luck and don't over pay.
Web Reference: http://www.larrycapp.com
0 votes Thank Flag Link Wed Aug 26, 2009
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