Home Buying in Brooklyn>Question Details

Erin Murphy, Other/Just Looking in New York

Can you negotiate the price of a bank owned home?

Asked by Erin Murphy, New York Thu Jan 24, 2013

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4
Wilson Smith’s answer
Sure, you can offer anything that you want. The bank has an idea of what they want, and they may not consider your offer. The nice thing about a bank is that you don't need to worry about hurting their feelings. However, if the competition is stiff, you may be outbid by another party.

If the bank is asking more than what a property is worth, you might consider lowering your offer if an offer is rejected and several weeks pass and the property is still on the market.
0 votes Thank Flag Link Thu Jan 24, 2013
BEST ANSWER
Yes you can. My most recent sale was a foreclosure and the buyer got 7.5% off the list price even though there was at least one other offer. If the property is in decent shape or is really priced below market keep in mind that by trying to get it for a better price may result in not getting it at all. I've seen many foreclosures sell for above asking price as there was a lot of competition. Every house is different.

If you need a agent in Brooklyn, drop me a note. The real estate company I'm associated with, Douglas Elliman Real Estate, is the largest in New York and I'm sure I can find you a good agent to assist you.

Don
1 vote Thank Flag Link Fri Jan 25, 2013
Yes you can, here in FL banks are trying to drive the prices up, so they are typically not taking anything less than 5% off the price.

Good luck,

Vincent Warren Paige, Jr.
REALTOR® | RE/MAX Showcase
Certified Broker Price Opinion Registered Agent (BPOR)
8934 Conroy Windermere Road | Orlando, FL 32835
Direct: 407.256.8190 | Fax: 407.264.8073
E-mail: vpaige1@yahoo.com
2 votes Thank Flag Link Fri Jan 25, 2013
Yes you can. Working with a bank is not much different then a private seller. You can make an offer that is below what you are willing to pay and play the tennis game just like you would with a private seller. Some of the differences are that there is no direct negotiation with the seller. The bank can ask for for a highest and best offer from multiple buyers and the banks do not have to disclose and defects to the home. It is important to use an agent that is familiar with the process as some banks do have certain protocols for making an offer that must be followed or your offer will not even be considered. I have been working the foreclosure market for over 13 years so I can help you with any home you are interested in so please feel free to contact me at any time.

Good luck
Danny Calvert
440-227-2021
0 votes Thank Flag Link Thu Jan 24, 2013
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