Question Details

Brian Barr, Home Buyer in Lancaster, CA

How rigid are the prices on bank owned properties ?

Asked by Brian Barr, Lancaster, CA Fri Apr 11, 2008

I would think banks would accept lower offers to get out from under properties.

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6
You should evaluate each property on its own individual merit. Some are already super deals and worth paying the list price for and others are in such bad condition and not priced accordingly, that even with a big discount would not be a good buy. I see some better values in non-foreclosure properties.
0 votes Thank Flag Link Fri Apr 11, 2008
Brian: Every Bank is different. It all comes down to their bottom line.

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0 votes Thank Flag Link Fri Apr 11, 2008
The only way to find out is to make the formal offer. Some will some will not but until that offer is with them no dialogue will begin. Banks look at more than price also, they look at conditons. The cleaner the contract the easier to negotiate. Most times the first counter to your offer will be 1k less than asking. DO NOT GET INSULTED! Keep talking and negotiating. You may come to a price acceptable to both you and them.
Also, if you place a price as the highest you will pay, make sure it is a true highest price in which you cannot look back and say to yyourself, well I could have, I should have.... Because then it is too late.
Good luck
0 votes Thank Flag Link Fri Apr 11, 2008
wait , be patient
give the banks a few years of paying taxes on the properties
then they will be more willing to negotiate
banks hate losing money
but they also know when its time to cut their losses
they're still hoping for some sort of taxpayer bail out
probably will not happen
and they're starting to realize this
0 votes Thank Flag Link Fri Apr 11, 2008
Don't expect a miracle of a really low price however, while Banks are dealing they want to get their money out of it as well. Certainly a lower offer may be to your advantage. A good Realtor can help you construct a viable Purchase and Sale.
Web Reference: http://www.pamparis.com
0 votes Thank Flag Link Fri Apr 11, 2008
They will. Find the right home and make an offer. The banks are dealing!
0 votes Thank Flag Link Fri Apr 11, 2008
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