We are considering making an offer on a foreclosed house in Clearlake CA. The asking price is 179,900 and we
were thinking of offering 155,900. Is this a reasonable offer? It at least gives us some wiggle room. The house has been on the market since September 2008 and has not had any offers. Original asking price was 299,000 and they are now at 179,000. The home goes up for auction on April 16th?? This is our first home and we need advice as to what to start are bidding at. Will banks pay closing costs?
Reasonable is what the buyer will accept! Everything is negotiable, and you should feel comfortable that you are not overextended. That is what got us into the current foreclosure mess.
Since there have been no offers, you should be able to "low ball" offer and let the seller(s) counter-offer with what they consider "reasonable."
It is highly unusual for the bank to pay closing costs, unless you are able to convince them to carry you as the new borrower.
If I can help further, email me at : marinrental@yahoo.com
Best of luck,
Scott Wilmore
Broker/Appraiser
Habitats Ltd.
Mill Valley
Hi Teresa, Sounds like you need an agent to represent you and help you navigate through this complex process. I'm a local Lake County agent and would be happy to help. Call me at 707-972-3975 or e-mail me or visit my website at http://www.FionaMackenzieLakeHomes.com
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