Home Buying in Oakland>Question Details

Amymyers, Home Buyer in Garrett County, MD

I bought a house at a bank auction the high bid was 125k and they counter offered 160k but they just had it on the market for179k so what do you think

Asked by Amymyers, Garrett County, MD Thu May 27, 2010

they will accept for it.

Help the community by answering this question:


As a Real Estate agent in this market & my small experience with short sales & foreclosure properties in our area, I have seen that banks are becoming more willing to accept offers that are lower than what is owed to them. Reason being I believe is that there is so many properties in this situation that banks are trying to unload properties that they know will not produce the debt that is owed. It also depends on how long the property has been in the situation that it is in, most banks have a hard time understanding that the longer they deny offers and the longer the home sits unooccupied the less they will get out of it. Hope this helps...
0 votes Thank Flag Link Tue Jul 19, 2011
I take it your bid was contingent on the Banks approval. In that case it appears to be a $20,000 reduction from the last listed price. If you like the house and it meets your needs AND appraises.......I say GO FOR IT!!!
0 votes Thank Flag Link Thu May 27, 2010
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