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There is a property that is selling for $479k, and it is in foreclosure. We want to make an offer of $425k

but the listing agent is saying that the bank won't go that low even though he hasn't put in the offer. What would be a good offer then?
Tue Apr 15 2008, 10:49 - Yonkers - Home Buying - 2 answers
 
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Crystal
Home Buyer
in Yonkers
Crystal, Home Buyer in Yonkers in Yonkers
Answers (2)
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Peter A Harr… was FIRST TO ANSWER
The property is probably in a pre-foreclosure stage. Foreclosure is a legal action that ends up in an auction. In a pre-foreclosure or short sale, there are certain parameters that a bank will consider when acepting an offer. Your best bet is to work with an agent that understand the whole process. FYI, a bank does not review offers without a contract of sale. If you need more information contact me. I am a shortsale/foreclosure specialist

Luis Fernandez
Keller Williams Realty
Licensed real estate Salesperson
914-309-9383

Fri Apr 25 2008, 04:13
Web Reference: http://www.preforeclosurefix.com
 
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FIRST ANSWER
Obviously we cannot know what the value of the property is, but the listing agent is required under the Real Property Law to submit ALL offers to their client. If their CLIENT will not counter then it is up to you to decide if you want to bid higher. Unfortunately this happens a lot, where a listing agent decides what the price should be. The law is clear, they have to submit it unless their client has given them written instructions otherwise.

This is a good example why buyers should use buyer agents, especially for problematic properties. The buyers agent will make sure that it gets submitted and will represent your interests.

Good luck!

Tue Apr 15 2008, 11:06
Web Reference: http://www.bronxvilleproperties.com
 
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