Y E S !

You must do your homework to find out what the Potential Market Value of the property is, after all the repairs are done.

Find out the current Tax Valuation from the County records. Decide what your plans are ( Sale Or Rent ).

Do your math and come up with a return on investment that is acceptable to you.

Do not let a good property slip by with a low offer. Remember that there are hundreds of people like you doing the same thing at the same time.

Good luck. You are welcome to call me for additional details. 910-988-1300

Prices are always "negotiable". Nothing is set-in-stone. Banks do not always just want to get rid of the property they are selling but that doesn't mean they won't negotiate. Although, the property may have been a foreclosure, the bank would still like to get what was owed and if they can make a profit as well, that is a bonus for them. Please feel free to contact me at lori.chenetz@century21.com if you have any more questions. Thanks!

Hi Shelly,
If this is an REO (bank owned real estate), yes the price is negotiable. But it depends on if you're an investor buying it or a home owner who plans on living in it. Many investors make low ball offers because it doesn't matter to them if they get the property or not. A homeowner has a different need and if you really want the property, I wouldn't make an offer below 20% of list price. REO's are usually priced well below market to begin with, so going a lot lower won't be seen as a serious offer. The more high demand areas may also bring out multiple buyers who put in full list price bids, or even go over list price if they really think it's a great deal. I typically tell my investors to keep looking, there is a glut of property on the market now and to make offers as they see fit. I tell my homeowners to put in an offer they can afford and decide ahead of time what their maximum offer will be. Best of luck to you!

Jennifer Kinzle, E-PRO Realtor
Keller Williams Fox Valley Realty
St. Charles, IL

Shelly,
A bank owned home can be negotiable, however, keep in mind that they've already priced it low to sell it. Usually, they're not going to budge too much on what they've got it listed for unless they've had it on the market for a very long time. If you're submitting an offer where multiple offers are being looked at, its a good idea to offer as close to the asking price as possible.