Is it not just like any seller attempting to get as much as they can?
It does not mean that either the buyer or the seller needs to be reasonable.
Are we seeing examples of greed from all sectors?
In a perfect world where good sense rules the price responds to demand and to the best and highest offer by a qualified buyer who can perform in the shortest period of time a price the seller is happy and willing to accept without undue stress.
Unfortunately today we have stress, greed, stupidity and oh yes regret.
Dear Home buyer is this like any other time when asking and getting are any different?
Yes . There are many great deals if one does not work move on.
In answer to your question. The Seller can definitely accept more than what is owed on the property, but he has to get the Lender to postspone the Trustee sale long enough for you, and your Seller to complete the transaction. It should not be a problem as the Lender do not want the property back, and if you can show them that you are a qualified, and committed Buyer, they will work with you.
Have they had any offers?
Is their forclosure scheduled for within the next month or are they several months out?
Are there other liens on the property?
Get a good agent and have them feel out the listing agent for answers/clues. Your agent should also be able to get a property profile from the title company (we do in CA). This will show the loans on the property and other pertinent information.
Have your agent submit your offer. They can either accept, decline or counter offer. If they decline or counter, you can make a new offer or negotiate with the counter offer.
You have some interesting posts so far.
My two cents is that there is a reason that the home is in foreclosure. Financial reasons. So depending upon the details, is there were equity in the home I would think that they would have sold it to pay the mortgage. The fact that they are in foreclosure tells me that there is likely other financial aspects that are unknown to you, but are part of the picture.
If the home is worth $200,000, and they owe $150,000, in most cases the owners would sell and pay off their note. It is likely there are other liens on the property that need to be paid.
You can always write an offer, but very rarely will a property be sold for under market value.
The seller may have other encumbrances on the property. Make sure to check with a title company before writing an offer since there could be other liens in addition to the bank loans.
You'll never know unless you put pen to paper as we say...make an offer and see how motivated they are, and be sure to work with an experienced Realtor. It may be a short sale scenario and it could wind up being a lengthy but worthwhile process. Good luck to you!
I don't see why not. Be careful with foreclosures when you aren't sure what is owed on them. The may have other loans. If you have one in mind and you wish to make an offer, let me know (even if it's not listed). It might be worth looking at the comps also.
The Reavis Group
Keller Williams Wilshire
As with any sale of property, that depends on what the seller believes is in their best interest. If the seller still thinks they can get out of foreclosure, they may not be very motivated to sell. On the other hand, if the Trustee Sale is just around the corner they might be more motivated. Work with a professional who has experience speaking with sellers in foreclosure, and that might increase your chances of getting your offer accepted. Of course, in this situation, you are not dealing directly with the Seller, but with the Listing Agent, when presenting your offer, so your sales pitch will be made agent to agent.
Wishing you success in getting a great deal on this home and saving another homeowner from Trustee Sale. Dare to Dream.
Real Estate Consultant
RE/MAX Palos Verdes Realty