There are a lot of costs associated with a foreclosure that banks will factor into the losses they report on a loan that has been foreclosed. To calculate their full loss on the loan, they will add up the outstanding balance on the loan, legal fees, any property taxes, hoa dues, and other liens they have to pay off to clear title, plus costs, if any, of evicting tenants, and other costs like maintenance and repairs. All of these can add up to quite an expense.

All I can say is put your offer in. The worst that can happen is they don't accept the offer - and who knows, it might be the best offer they get on the property.

Dear J,

In RE anything is possible. Usually bank owned properties are already discounted. Also, they do wait until they get many offers. For instance, I made an offer on a property in Charlotte, NC at $500 under asking price. Three weeks later they told me that they would sell me the house at $500 over the initial asking price.

The best advice I can give you is:
If you are looking to live in the house and love it, offer as much as you can to make sure you have a good chance at getting it.
If you are looking for an investment property, do your due diligence and make sure you never offer more than you can to make it a profitable deal.

Best regards,

Andres Gomez.

it's been my experience that banks take in offers but wait until they have a lot of offers to counter, and frequently ask for the highest and best. Also in my experiencce the sale prices are about or higher than the asking price. Asking prices are typically much less than comparable home sales, so I'm not surprised at that.

J,

If you base your offers totally on this infrmation, it may take a very, very long time to successfully purchase a home. The prices banks are willing to accept are based on a number of factors. Condition of the home, term on the market, general location, the banks need to move the home etc.

There are locations in the country in which buyers need to offer amounts in excess of full list price to successfully obtain a home.

There are a number of factors to be considered......our recommendation is to be in touch with a local real estate professional to guide you through the purchase process.

Good luck
The Eckler Team

J - anything is possible, but from experience I can tell you that it is highly unlikely that they would accept it, especially if they are recently listed. The bank has gotten multiple opinions of value before they've listed it, but they do sometimes over price homes. But, if you can always make the offer, the worst they can say is no, but they may say yes. The best thing to do is have a Realtor provide you a CMA for the homes to determine a fair market value, and base you offer on that and the condition of the home.

It is possible. I would love to talk to you about it. Call me oir email me 704-699-7282 Cindy Snyder Remax Leading Edge or email cindysnyder@remax.net
Have a great day! Cindy