I am looking at purchasing a foreclosure in Falls Church 22046.

Asked by Chris, Virginia Thu Apr 24, 2008

It needs minimal work from what I can see, but of course I would get an inspection to know everything. My question about negotiating on a foreclosure with a bank. What are some tips for negotiating? How low is too low? I've heard that once I make an offer, and the bank counters, that's it. That is the final offer from the bank. On average how long does it take to negotiate a foreclosure and is closing process longer?

Thanks,
Chris

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Steve Wisemi…, Agent, Arlington, VA
Thu Apr 24, 2008
BEST ANSWER
Hi Chris,

I think there are 4 foreclosures in 22046. Is this the one on Westmoreland Rd? I think Coutrywide is the note holder and they have become a bit more cooperative in their negotiations. You may want to have a title search done first. Some areas in 22046 are in flood plains. I know the area well. Let me know if I can be of assistance. I just listed one in 22046 on Buckelew Dr. 22046 is both Falls Church City and Falls Church Fairfax County( With Mclean Schools)
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Amy Stanley, Agent, Manassas, VA
Thu Apr 24, 2008
The seller, the bank, usually responds to an offer in 1 - 2 business days. If there are multiple offers, the sales price may be escalated above asking price. If there are no offers and the property has been on the market for some time, the seller may consider an offer 10% to 15% below asking. You can probably expect the seller to counteroffer. The closing process should not be longer than a non-foreclosure closing, unless there are title issues.
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Jeff Royce, Agent, Fairfax, VA
Thu Apr 24, 2008
The listing agent can tell you how long it is taking a bank to respond to offers. Many listing agents of foreclosures work regularly for a given bank and have an idea of the pace of offers and counter offers.

A good strategy for negotiating is to have your buyer's agent look at the recent history of homes sold by the bank you are buying the foreclosure from. If you look at the last 10 or 20 sales from that bank, you will get a good idea of what they expect and how to approach them in negotiations. All banks do not work the same so make sure you and your agent figure out how the owner (bank) of your particular property normally operates.
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