Foreclosures and Bank Owned homes are selling for 99.7% of list price according to the most recent statistics. That means some are going for less than list price but also many are being sold above list price during bidding wars. The best bank owned and foreclosure homes have bidding wars. Out of the last 10 offers we made on foreclosures, 8 of them became bidding wars. We are close to the bottom of the market and everyone who has been sitting on the fence watching is now jumping in all at the same time. Everyone wants the same great foreclosure deal. What to offer for a home depends on MANY factors, but in general, unless the foreclosure has been on the market more than 30 days, it is unrealistic to make an offer less than 5% off of list price.
We would be pleased to assist you in negotiating with the Freddie Mac. Feel free to contact us through our website.
Marc Brodeur, Grayhawk Scottsdale Specialist
Every home is negotiable. The key is that when you identify the home you have to work with what is relevant to that property. 1) how many offers are on it already (and and what price) 2) experience of the listing agent 3) motivation of the bank 4) motivation of you as the buyer and the other buyers that might be bidding with you.
The market is swelling with over 12,000 pending homes right now (12,188 as of this moment) and growing daily. My buyers have had to come in over asking as well as we've gotten well below asking so it is circumstantial for each home.
Best bet is to get out and find the one you want and move quick to gather info and work to position yourself as the one that gets the seller signature on your contract. Work with experience and be ready to move fast as they are going fast. If you find yourself very handy you would be great to go for something with a little more need as those could sit longer and be primed for a handy person not to compete with the ones that are in better shape.
Keller Williams Arizona Realty
96th St & Shea
Right now the real estate market in the valley is "exploding" and approximately 1 out of every 3 homes already has a Pending (accepted) contract on it and the other homes often have multiple offers.
If the home you are considering DOES NOT have any other offers on it and it has been on the market over 90 days they may take less than the asking price. If the home is new to the market and under 90 days the home most likely will receive multiple offers, often above asking price.
It al depends on supply (number of desirable homes) and demand (the number of buyers trying to buy the same home)
If you are not currently working with a full time professional REALTOR and would like a housing market update, feel free to contact me via my website below.
I hope this helps.
The well priced ones often go for above asking with 5, 10, or more offers. Each home is different so there's no rule of thumb...sorry. Not a ton of help, but that's what I'm seeing.