Home Buying in Merrillville>Question Details

Benjm5@hotma…, Home Buyer in Hobart, IN

how much can i offer for a foreclosure at around 125k?

Asked by Benjm5@hotmail.com, Hobart, IN Sun Jul 13, 2008

there are so many foreclosures out there and i wanted to know what you can offer for one listed at 125k and who owns the properties usually

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When buying a foreclosure, you should be working with an agent who has experience in that market. Foreclosued homes are owned by banks or investors. It can be owned by HUD, VA, Fannie Mae, Freddy Mac, or numerous other identies. Each seller has thier own forms as well as thier unique system they utilize. Plus they use our State forms as well.

What that house will sell for, depends on the house. It has been my experience some houses are priced below what they will sell for, they may receive may offers over the asking price, and others are over priced and will sell for much lower than the asking price. Depending on the house, location, condition, etc... As well as who the seller is. Keep in mind, not all foreclosures are able to get a loan on them. Some may be cash offers only, due to the condition of the home.

If you are working with an agent, he/she should be able to advise you as to what a good offer is and what to expect during the buying process. If you are not already working with a knowlegable agent, feel free to give me a call. I have been working with foreclsoures for over 13 years. I would be glad to assist you with the process.

Call me at 219-746-4098 or email me at hemphill.debbie@yahoo.com
Hope this helps! Debbie Hemphill
0 votes Thank Flag Link Wed Jan 2, 2013
The bank or "investors" own the property. How much you offer depends on many factors.
1. How long has the property been on the market?
The longer it's been on the better your shot of getting it lower. Typically banks will not go below or even answer offers below 7% list price.
2. Are there multiple offers?
If you go up against other people you may get out bid.
3. What are the comps in the area. It doesn't matter what the list price is or what others are offering in a multiple offer situation even the home isn't worth it in the first place.
Find an experienced agent with good connections and they should guide you to a winning bid that works for you and the bank. Good Luck.
0 votes Thank Flag Link Mon Mar 28, 2011
Your buyers agent person who can determine what you should offer. Unless the property is toured , area reviewed no professional can render an opinion

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Mon Mar 28, 2011
Foreclosure properties or REO properties are owned by a bank. I would work with an agent to find out (1) who the bank is. Sometimes if you use the bank in question to recapture the loan, you might get some sort of incentive. (2) Get comps. Important because you don't want to overpay, and it's good to know what the going market is telling you what the property is worth. Good luck!
0 votes Thank Flag Link Mon Mar 28, 2011
$125,000 will get you the home....maybe.
0 votes Thank Flag Link Mon Mar 28, 2011
hi benjm5! if you haven't bought anything yet, i'd tell you that you never just bid anything on anything just because it's listed that way. foreclosures can mean anything! when you walk into the building, you might fall down a big hole!there might not even be a floor! i doubt any bank ever gets the auction price they waste their time asking for. so then they put it on market, and then someone breaks into it, and steals the furnace! anyone who buys a house needs a realtor with experience to issuse a price based upon the comparables that sold in the area. since they are reo's, you get what you pay for.
0 votes Thank Flag Link Fri Dec 11, 2009
Hi Forclosure homes are owned by a lender. Some properties are dammaged so severly that you can not even get a bank that would finance it. So you would have buy it for cash. In the other hand there are some good homes to buy in our area. I am a real estate constultant for many years in North West Indiana. If you like the property you want to bid higher to the asking price so you don't get outbid. If you are to invest than you can gamble. If you din't get one house you will get the other. The most important thing is to hire a real estate constultant that is familiar with your area. You are not paying him. The owner does, but he is working in your best interest. One area is better to invest than other. There is allways the resale value of the subject property at the later date also that is very imortant. The listing agent prices the property acording to the condition the property is on the listing date. So, the owner/lender will not go much down of the asking price. The avarage selling price on forclosured homes is 90 % of list price if you are in $125,000.00 price range. If you have more questions you can call me at 219-791-4785 or you can email me at jessica.kljajic@cbexchange.com
0 votes Thank Flag Link Sun Jul 13, 2008
usually if it has gone thru foreclosure the bank owns it. you can look up the tax records or the sheriff sale to find out for sure.
you can offer anything you want. some banks will bend and some won't. since their are alot of foreclosures in your area, this might work in your favor. i would offer $100,000 and go from there.
they probably will not pay for repairs and closing costs, but you can try.
0 votes Thank Flag Link Sun Jul 13, 2008
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