Foreclosure in Eagle>Question Details

John Pennyba…, Home Buyer in Racine, WI

Home on Market Since 2006, now with a new Realtor. Made a lower offer than they asked for.....

Asked by John Pennybacker, Racine, WI Mon Jun 2, 2008

The home had been on the market (Forclosure) since fall 2006. We found a winterization notice on it showing a date of 2006. It was recently listed with a new realtor only been with her for a few months. It's in Eagle, WI. We made a much lower offer than they had it listed for. About $55,000 lower. The home is in good condition, except for an old heater, some cubbord doors off of the cubbords (the covers are there.) The septic though hasn't been run since 2006 when it was winterized. We found out from the realtor that the bank puchased this property from a sherif sale and paid roughly $180,000 for the home. They have it listed for about $175,000. We only offered them $119,900 because it's been on the market so long, and the major thing is the septic being off since 2006. There was another offer made on it, however the financing fell though. We already have financing approval. In your opinion would they accept the offer or tell us to go take a hike?

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John,

The most probable answer is the bank is going to send you packing. Keep in mind they know what the house is worth based on current market conditions and they most likely already know what they are willing to accept. Their business is finance and they wouldn't be in it for long if they didn't know what their investments were worth, even the ones they are going to write off as a loss.

Your best bet would be to have your realtor do comps in the area and a reasonable offer would be somewhere around 6-10% below market value. I'd be interested to hear if you even get a response from the bank. Bear in mind that once they have already assumed the cost of a foreclosure and the home didn't sell at auction; they are going to try and recoup as much of their cost as possible.
0 votes Thank Flag Link Mon Jun 2, 2008
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