If you're serious about purchasing a foreclosure, you need a "local foreclosure specialist" to assist you. Believe me when I tell you, your average run of the mill Agent will be hard pressed to get you a good deal if any! I personally purchased an FHA listed at 220k for 180K...recently appraised for 310k
---Think smarter not harder---
On A HUD home you have to make a bid on the home, your Realtor has to make an online bid for you and if you want to offer several thousand less that is your business, however if the homes is in a good area and is already low then you may want to increase your bid to win the property because there may be others bidding on the same home, if you are the only one bidding and your offer is less than HUD will take then they will make you a counter offer:
Home Path foreclosures or FMNA Foreclosures are also all done on line but you your Realtor has to do an online offer along with a state contract, Earnest money Check, and a pre-approval letter before they will look at the offer and in most cases they will accept the offer or turn it down:
Please if you have other questions I will be gald to help you in any way i can: I have experience in both and can help you in your quest to find you the right home:
405 413 0791
Each city will be different, but if the home is priced just below market, expect multiple offers and for it to go above asking. It is not uncommon for any seller including Homepath or HUD to accept a lower offer amount.
It's also not uncommon for them to reject an offer, have the home site for another month and then reduce it for less than what your original offer was! There's no rhyme or reason sometimes. Do your homework on the property and area and offer what you're willing to pay and what you think is fair.
The longer the property is on the market, the more likely they will accept a lower offer. I've also seen many properties in bidding wars which ends in a much higher selling price. The location and condition of the home is a big factor.
Please feel free to contact me if you have more questions. Ill be glad to help.
Keller Williams Elite Realty