Home Buying in Philadelphia>Question Details

Jenette, Home Buyer in Philadelphia, PA

Can you negotiate the price on a foreclosed home?

Asked by Jenette, Philadelphia, PA Tue May 27, 2008

Help the community by answering this question:



Everything is negoiable in real estate. When you say foreclosure what do you mean? The public's view of foreclosure is different than what it actually is in our business. For instance a homeowner may be facing foreclosure and the bank allows them a chance to sell the home. This is called a short sale. If the home is foreclosed on then it goes to auction. If the bank owns the home then they relist it with a realtor. Each situation is unique. Also to be considered is that there may be other liens on the property. If the person is behind on their mortgage than likely they have not paid water, sewer and other bills. Feel free to call me anytime 1-888-818-0957 I can explain the process in more detail to you. Information is free.
1 vote Thank Flag Link Tue May 27, 2008
Jenette, yes. Keep in mind that banks can be a bit tougher negotiator than most. It is true that they aren't in business to own real estate, but also understand that they are not in business to just give it away.
0 votes Thank Flag Link Thu Jun 26, 2008
how did you make out with buying a foreclosed home? I just placed two offers for two clients on REO homes in the area. both offers are well below the area resale prices and below what the banks are asking. let me know if I can be of help.
0 votes Thank Flag Link Tue Jun 24, 2008
of course it is negotiable. Banks do not want to hold onto properties and really just want to dump them to recover some of their losses.
0 votes Thank Flag Link Fri May 30, 2008
The overwhelming theme on this site seems to be - get a professional realtor on your side to help with real estate, as a good realtor can guide you through the process and save time and money. Realtors have so much information at their fingertips.
Web Reference: http://gmacpn.com
0 votes Thank Flag Link Wed May 28, 2008
Yes, you can and should. But , If you are not familiar with negotiating, please seek out a professional. A realtor can help you negotiate a good price. If you need any help, please contact me
Willie Acree 770-896-7505
0 votes Thank Flag Link Tue May 27, 2008
Yes, but expect to wait weeks for an answer from the bank and take into consideration there will be competing offers from other buyers. REO (bank owned properties), short sales and forclosures are not an easy purchase to make and even with a full price offer, you may end up with nothing after several weeks of negotiating and waiting. Good Luck!
0 votes Thank Flag Link Tue May 27, 2008
If you are not familiar with negotiating, please seek out a professional....a REALTOR(R)! We are there to help you. Since every situation is different, you need someone to find the hole to go through in order to get the right answers.
Web Reference: http://fredglick.com
0 votes Thank Flag Link Tue May 27, 2008
If the home has been foreclosed and is currently bank-owned, you can definitely negotiate the price. The banks will accept offers on the property but, depending on the situation, may or may not come off their price by much. Banks are not in the business to hold a large inventory of properties!
0 votes Thank Flag Link Tue May 27, 2008
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