Home Buying in Lecanto>Question Details

Mike, Home Buyer in Lecanto, FL

how low can you offer on a bank owned home?

Asked by Mike, Lecanto, FL Sun Jan 11, 2009

I am interested in purchsaing an home that is bank owned it is listed for 180,000 but there are new homes in the same sub divison that are listed for 150,00 or less. THe house in is in poor shape and needs some work. do you think that an offer of 120,000 is out of line?

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Hey Mike,
Like a few of the others here have stated, if you are working with a Realtor, you should be able to get a good price range of what homes are selling for. An offer that is based on facts from the area will stand a much better chance of getting accepted than an offer that is just "thrown out there" per se.

Quick question, why are you looking at the foreclosed home for $180k when the new homes are listed @ $150k? Most times repairs are always underestimated. If you think the home needs $10k in repairs, it's probably more like $15-20k. At that amount, you could make a reasonable offer on the new home, get the warranty(if offered) and save yourself the headache and aggravation.

Either way, I hope things work out for you.it sounds like you are doing your homework, which is what's needed to assure yourself you're doing the right thing.
0 votes Thank Flag Link Mon Jan 12, 2009
Mike, the reality is you can offer as low as you want to.....the bank just will not accept your rediculously low offer. If you want your offer to be teated seriously, you offers need to be reasonable and you should be able to back them up with concrete information.

Good luck
0 votes Thank Flag Link Sun Jan 11, 2009
If there are new construction homes priced lower than the foreclosure - why even look at the foreclosure? Does it have something that the new homes don't? I would suggest talking to a REALTOR in your area. In our state - many builders offer incentives and programs to help you get into a new home. Talk to a REALTOR!!! That is my advice.
0 votes Thank Flag Link Sun Jan 11, 2009
Banks get local BPOs from local Realtors.
How much they have loaned on it does not make a difference, as they are only focused on moving the property, how much they error in the past is not at issue.
Suggest you find local realtor who will run the same numbers for you, and that you make your offer very close to that number. If you are under what the bank believes they can move the property for, they will move on to the next offer. If you get to cute with your offer, all you will get is wasted time, wasted money and a cool picture of the house you wanted.
0 votes Thank Flag Link Sun Jan 11, 2009
Hello Mike, I would hope you are working with a Realtor. If you are, have your Realtor do some comparisons for you and give you advice. There are many things to take into consideration when pricing homes. Banks generally work on a scale or percentage of what they will take. Other things to take into consideration are how long has it been on the market?, What was the loan amount that the bank foreclosed on? Let me know if you have further questions. Bottom line is that an offer that low will get a counter from the bank.
0 votes Thank Flag Link Sun Jan 11, 2009
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