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70815 : Real Estate Advice

  • All4
  • Local Info0
  • Home Buying3
  • Home Selling0
  • Market Conditions0

Activity 4
Tue Oct 15, 2013
Annette Lawrence answered:
Of couse you can offer less.
However, this strategy has consequences.
A typical foreclosure is priced below market value.
This attracts lots of buyers.
The process is structured to get multiple offers.
If you don't come in strong and fast.... dissappears into the 'black hole' of losing foreclosure offers.
Some banks WILL systemicly send out a 'highest and best' counter to all received offers to advise buyers it time to get serious if this is the home you want.
Be very aware, there is more to consider than price. Many homes sell to buyers who do not offer the highest price.
It has been my expereince, buyers asking this question seldom purchase a home until they realize they are not assessing the competive nature of the REO market place properly. When they have properly assessed this market they ask, "How can I get this house?" not "How low can I go?" Even those with the proper mindset find it very competive.
If you don't change your thinking, you will soon be submitting a question similar to:
"Why are all my offers rejected? What must I do to win in a Foreclosue bid?"
... more
1 vote 10 answers Share Flag
Tue Sep 25, 2012
Maria Cipollone answered:
Wait untill you sell your house to start the new transaction. Make sure to tell the lender that you selected that you are interested in a mortgage on a property that will be "owner occupied", and you need a better interest rate than a "second home". It is very important to stablished the difference with the lender. There also many tax benefits associates that apply only to your primary residence.

Maria E. Cipollone
... more
1 vote 6 answers Share Flag
Mon Sep 24, 2012
Tiffany Lear St. Pierre answered:
Yes call Lisa Cooper with Gulf Coast Bank 225-757-4450. She can even help you with the downpayment if you qualify...ask for EBR Bond Program. Tell her I sent you!
0 votes 8 answers Share Flag
Sun Aug 14, 2011
Liz & Gene Herman / The Herman Team asked:
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