Home Buying in Urbana>Question Details

yelqqf, Home Buyer in Urbana, IL

if a house is cheap as under 25000$(foclosure), is there hope to negociate for the price?

Asked by yelqqf, Urbana, IL Wed Jun 20, 2012

thanks

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4
There is always hope for negotiations Yelqqf.

Find a local Realtor, have them run comparables, and make the offer. Good luck to you!
0 votes Thank Flag Link Thu Jun 21, 2012
Everything is negotiable, but keep in mind percentages, not dollars at this level. Distressed properties are already discounted, so low balling an offer will only lose you the property.

Gauge your interest in the property and the fairness of the price and make your offer accordingly. However, keep in mind, lower price ranges in the market are very sought after. Someone can always outbid you.
0 votes Thank Flag Link Thu Jun 21, 2012
yes. But keep in mind that while you are submitting offers the bank will except the first one that is in the ball park of their asking price. Sometimes no counter will be presented. Also offers are judged on several points - ie cash trumps convential trumps FHA. Quick closings trump extended closings. Contingency is not acceptable at all. So find a Realtor with experience writing strong offers and don't snooze. Good luck to you.
0 votes Thank Flag Link Wed Jun 20, 2012
how much does it cost to hire a realtor to help me find a super cheap home?
Flag Wed Jun 20, 2012
Thank you! !!:)
Flag Wed Jun 20, 2012
Sure. You can always negotiate prices. I have seen some foreclosures in my local area that were in the $25,000 - $40,000 range go for less than list price. Negotiation is always possible.

But, one thing to consider when you are purchasing that low is that you may be limited to paying cash only. Many lenders and banks will not provide a finance loan for less than $50,000. I only know of one local lender in my area that will go down to $40,000.

If you are paying cash, you can negotiate and close fast. If you are trying to finance, you may be out of luck.
0 votes Thank Flag Link Wed Jun 20, 2012
thanks! i will be paying cash
Flag Wed Jun 20, 2012
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