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Jarumilla100, Home Buyer in Mechanicsburg, PA

If a house is in foreclousure ( the bank owns the house) and i have the money (cash) to buy it can i ask for a lower price because i don;t need a

Asked by Jarumilla100, Mechanicsburg, PA Sun Jun 26, 2011

loan from the bank.

Help the community by answering this question:


If it is in foreclsoure the bank would not own it yet if there was a foreclsoure auction and teh bank bought it back or took it back at auction than yes they would then own it.

As far as offers the bets offers are cash and even better are offers with no contingincies and close in less than 30 days.…

Please see my blog for a full list of tips and advice on buying a bank owned home
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0 votes Thank Flag Link Mon Jun 27, 2011
Whether you finance or pay cash, it's all cash to the foreclosure bank.
So you can offer any amount you want......and the bank will accept what they want.
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0 votes Thank Flag Link Mon Jun 27, 2011
Cash buyers do typically get preferential treatment, but depending upon the condition of the home, and what the bank has into the property, they may or may not decide to accept lower offers. As a cash buyer, you will certainly streamline the process for any seller and that is definately desireable.
0 votes Thank Flag Link Sun Jun 26, 2011
Cash offer tend to be preferred by banks as they can close more quickly and without the need for finance contingencies and the necessity for the home to appraise to a specific value. But banks will reject low ball offers just like any other offer - cash or not - as they are in the business of minimizing losses. Having cash mostly tends to give you preferential treatment over other buyers with perhaps a slight edge on price.
0 votes Thank Flag Link Sun Jun 26, 2011
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