Home Buying in Westland>Question Details

Adam Lawton, Home Buyer in Westland, MI

How much should I bid (CASH) for a bank-owned home that has been on the market since march 2006? It is

Asked by Adam Lawton, Westland, MI Thu Jan 29, 2009

listed for $35,000, and the records show hat the bank purchased it after forclosure back in 2007 (the history shows the bank obtained it for $36,000), and have lowered the price about 15 times already. They JUST lowered it in the past week from $45,000 to $35,000. Our amily is ready to offer cash, but the house needs a LOT of work, and is selling as is. How low do you think we should/can start our offering?

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At this point I'm guessing the bank probably would want to just wash their hands of this home. If you put in a cash offer with no contingencies I wouldn't think 15-25% below the asking price would be an unreasonable starting point.

Like Penny said the worst the bank can do is say no...or sell it to someone else if there is another offer.

On the other hand, how upset would you be if someone swooped in with an offer of $36,000 and you didnt get the home?? If that situation would upset you more then you probably want to offer a little bit closer to list.

Good luck
1 vote Thank Flag Link Thu Jan 29, 2009
I agree with Penny! Banks are not in the business of owning and selling real estate, as a rule and many are open to just getting an offer. Go low and ask for lender paid closing costs. When you make the offer be sure to point out all the problems. Best to get a pre-inspection so you have the documentation to support the issues. Make sure you have no issues getting a clear title and let escrow do the closing. Bank owned homes can have a lot of paperwork, so be sure to have a por or attorney look over the contract before you sign. Best of luck.
1 vote Thank Flag Link Thu Jan 29, 2009
How much do you want the property?

How much is it worth to you? Offer that!
Web Reference: http://www.golftobeach.com
0 votes Thank Flag Link Tue Mar 1, 2011
Hello Adam,

Wow, only $35,000, some people pay more for their cars then that. If you're willing to pay cash and it's been on the market for that long something/somethings must really be wrong with it. In Las Veags properties at that price have price bidding wars on them. Hopefully, you did an inspection on the property and have had a contractor come in and give you a bid on the repairs etc. Then take it from there. Have you had your Real Estate agent performed CMA on the property? Good luck. It sounds like a good deal.. Just make sure to make an educated decision. Enjoy your day. Penny O'Brien

Penny O'Brien with Simply Vegas
0 votes Thank Flag Link Tue Mar 1, 2011
No contingencies? Eeek! I would not do that. Have an inspection contingency. Check it out thoroughly before you buy it.
Web Reference: http://miOaklandCounty.com
0 votes Thank Flag Link Thu Jan 29, 2009
Maureen Fran…, Real Estate Pro in Birmingham, MI
start where ever you want, it's your money you can put in an offer and go from there. All the bank will do is counter you.. Don't be afraid jump in and go with it..
0 votes Thank Flag Link Thu Jan 29, 2009
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