Janet Dyer, Home Buyer in 94132

If a house already went through foreclosure and went to auction and is bank owned, can you offer any price?

Asked by Janet Dyer, 94132 Sat Jan 5, 2013

Help the community by answering this question:


You are free to make any offer, it does not mean it will be accepted. The bank will not take into consideration an unreasonable offer. Many people see a house sitting and think the bank will take anything for it, since it is sitting. The bank has had the property appraised or had a brokers price opinion done, and knows what the property will go for. So don't waste your time.
0 votes Thank Flag Link Mon Jan 7, 2013
Yes. However, sometimes the bank decides to relist. Also, the bank makes the final decision on the offer they want to accept regardless of auction, etc.


Rick Payne
Keller Williams Realty
0 votes Thank Flag Link Mon Jan 7, 2013
Of course, and of course they can reject it for an offer they consider better.
Web Reference: http://www.hmtatlanta.com
0 votes Thank Flag Link Sun Jan 6, 2013

Yes, you can offer any price you want, but the bank is under no obligation to accept the first offer that comes through the door. Remember, bankers are business people; they will obtain an opinion of the home's value from an appraiser or real estate agent, then they will market the home through a real estate agent at the price they think it is worth. If the home is not listed for sale in public, you should assume it is not for sale. Banks have been slapped pretty hard by the Federal courts for selling homes their friends or family, and not putting them on the open market.

Your best bet is to hire a Realtor to represent and advise you on the value of any home you are interested in purchasing.


Dave Herren
Best Atlanta Properties
0 votes Thank Flag Link Sun Jan 6, 2013

It generally works out better when the property is listed with an agent, the bank has set a price per an appraisal they've paid for, and to offer on the home as if YOU REALLY WANT that home. The bank will always take the highest and best offer. When there's multiple offers, the listing agent is sent a form or has a form for each buyers' agent to fill out. This gives you, the buyer, an opportunity to increase your offer price, keep it the same, or withdraw your offer altogether.

Hope this helps and Happy Hunting!

Jamie Hubbard
Bricks and Sticks Realty, LLC
Atlanta, GA
0 votes Thank Flag Link Sun Jan 6, 2013

Generally until the bank lists the property with their agent they will not consider any offers. They rely on their agent to provide guidance as to price.

While you can make any offer, the offer you need to make is the one right on the seller's bottom line. No matter how hard your serve, if it is out of bounds you lose.

Bruce Ailion,
RE/MAX Greater Atlanta
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0 votes Thank Flag Link Sat Jan 5, 2013
You can offer any price, but it is a good idea to know the current market.
The Bank will always take the highter offer, that will net the bank the highest dollar amount .

Good Luck!

Isabel Elsesser, Realtor
First United Realty
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0 votes Thank Flag Link Sat Jan 5, 2013
You can always offer any price for any house whether it is bank owned or not. Your offer can also be ignored when the seller sees a number that does not look attractive or, in some cases, does not even make sense.

You would be better off with an experienced Realtor advising you. Your Realtor can educate you about the condition of the market and proper pricing as well as many, many other aspects of buying a home.

And the best part? For this expert professional assistance you will most likely not have to pay your Realtor. Your Realtor’s commission will, in most cases, be paid by the seller.
0 votes Thank Flag Link Sat Jan 5, 2013
Sure you can, Janet. That's not to say you will be very successful, particularly if the property is desired by others. Please call, text or email if we can provide further assistance. Good Luck!

Michael Hammond





0 votes Thank Flag Link Sat Jan 5, 2013
Hi Janet,
With any property, you can always offer in price that you want. Just remember that the seller is under no obligation to even respond to an offer that they deem to be too low. With low inventory levels right now, many properties to are often selling for very close to or sometimes even above the List Price.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
0 votes Thank Flag Link Sat Jan 5, 2013
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