Eric, Home Buyer in West Palm Beach, FL

What options do you have if your bank owned home purchase offer was rejected?

Asked by Eric, West Palm Beach, FL Tue Jun 25, 2013

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11
Make another offer. Here's the secret: The asset managers who oversee these properties ignorance of the actual property is only exceeded by their arrogance. Having dealt with these folks many times of the past 25 years I have rarely met one who seems to have a bit of common sense. 3 months on the market is a long time, regardless of whether its a foreclosure or not and indicates one thing and one thing only, "It's not priced right"

That said if you want the property and got no response, then raise your offer. Trust me the asset manager has no skin in the game and probably isn't even paying attention the way they should. You can make as many offers as you like.

You should read the link I've attached below for more information regarding foreclosure sales.
1 vote Thank Flag Link Wed Jun 26, 2013
Eric,

With rates still historically low, despite this recent MASSIVE spike, look at putting only 5% down with NO PMI and buy more house.

See the loan programs at: http://WWW.PRO-OPTION.COM

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1 vote Thank Flag Link Tue Jun 25, 2013
With a shortage of listings for sale and a steady increase in buyers, even bank owned homes are increasing in value. The bank will look to see what the home is worth in todays market and discount it based on what repairs are needed. Your buyer agent should be doing the same thing for you so you know what to offer. The trend today is the more work the home needs, the better discount you will get. But your offer needs to be clean, no contingencies and quick close to get the lowest price.
0 votes Thank Flag Link Wed Jun 26, 2013
Hi Eric,
Considering you are in West Palm Beach which is my area of expertise. Your offer was most likely too low. You can counter the offer and see if they will accept or counter you. You can always ask your Realtor too. I dont have the particulars on your offer and the property so Im limited on what to suggest.
Hope that helps
0 votes Thank Flag Link Wed Jun 26, 2013
Perhaps your offer was too high!
Lower the amount and try again.
Seriously, what did you expect when you submitted a 'low-ball' offer?
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An encouraging word: The good news is 1 in 40 'low-balls' actually worked in 2012. Today it is closer to 1 in 70. You know the formula I'm referring to, the 20 to 40% discount, the DG special. If you stick to the program, you have got to hang more paper FAST. if you are looking for a home, you need to UP the price or read on.
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Read Antonio's response.
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You failed to present to the bank:
1. the value they anticipated
2. failed to justify, to their statisfaction, the price you offered.
3. the terms they wanted
4. the assurance you are able to close
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Price is not the ONLY factor.
There are a lot of things you CAN do.
Consult your real estate professional regarding making your offer more attractive if you are looking for a place to live or hang more paper on more real estate as fast as possible. By the end of 2013 the 20 - 40 discount success rate will be approaching 1 in a hundred. That's a lot of paper.

Best of success to you,
0 votes Thank Flag Link Wed Jun 26, 2013
I'm surprised your agent did not give you better advice when you said to "offered much less since it was foreclosure fixer upper." I simply tell buyers, "that offer will be a waste of our time, and may not even be responded to".

A foreclosure may be a distress sale for the occupant but is just another sale for the bank. I have never seen one go for less than 10% asking price, and those were the government ones that conform to appraisals. On other cases the bank simply reduce the price slowly over several weeks until it sales close to asking price.

If it is still active after 80 days, then try offering within 10% of asking price, they may accept or negotiate with you. Also offer to skip the inspection (if ok with the extra risk) and that will give you better chances. Was this answer helpful? If so please click on the "green thumbs up" or the "best answer".

Tony Vega
Antonelli Realty
0 votes Thank Flag Link Wed Jun 26, 2013
was your offer rejected without a counter offer??? then you're much too far off what they will consider at present.

how did you determine the amount of your offer??? did you just low ball and hope you get lucky???

just remember your not alone.
0 votes Thank Flag Link Tue Jun 25, 2013
Thanks I will wait and see. It was listed at 175k offered much less since it was foreclosure fixer upper.
Going on 80 days and active. It's not 2010 I agree. Now! Hopefully I can submit another offer.
Otherwise it's not the end of the world I'll keep looking. I thought 80 days was long but guess not.
0 votes Thank Flag Link Tue Jun 25, 2013
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Ron Thomas below is telling it like it is!

Options?

Make a reasonable offer with a Pre Approval Letter or Bank Deposit letter if paying cash.

This ain't 2010, it GAME ON, its a SELLER'S Market again!

Pay top dollar now, or pay much more later!

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0 votes Thank Flag Link Tue Jun 25, 2013
Eric,

When making an offer for a bank-owned home, you should submit "highest and best." The banks have so much inventory that they want to avoid a bidding war and move quickly. If you're really in love with the home you put an offer on, you can always submit another offer. But, time is of the essence!

Katie Ingram, Realtor®, CDPE, CFA
561.389.7863
http://www.katieingram.com
* Serving Buyers & Sellers in South Florida since 1999
0 votes Thank Flag Link Tue Jun 25, 2013
What options do think there would be?
You can make another offer.
You can look for another property.
You can move to South Carolina.
0 votes Thank Flag Link Tue Jun 25, 2013
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