Foreclosure in 37138>Question Details

Ann, Home Buyer in Tennessee

I want to buy a foreclosure with great potential but overpriced. What is the usual percentage I can haggle?

Asked by Ann, Tennessee Thu Aug 28, 2008

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6
Jackie Thomas’ answer
Dear Ann,
While all the advice is good . The most important questions are.
1. Is this an investment
2. Is this for a rental.
3. Is this a great location.
4. A second Home or 1st Home
Once you have answered this question , then go to comparables ,condition , resale or rental value. All of these will also play a part in the process of how much your willing to spend.Then once you have all the facts , make the call to a realtor and go over the process.If you don't have the time, contact one now and allow them to do the work and go over it throughly with you before you submit an offer.
0 votes Thank Flag Link Sat Jun 20, 2009
I find these days that foreclosures are usually being priced fairly. The reason is, that banks know that they HAVE to be priced right to get out of their inventory. Sometimes the house is beat up and nasty and needs repairs and buyers will wait until the price drops before putting in an offer. The best thing on your side is time. Timing is everything. If you see a good foreclosure at a great price, then you could very well be in a multiple offer situation. This one will probably sell above the list price, right off the bat.
0 votes Thank Flag Link Sat Jun 20, 2009
Hi Ann, you know, every bank has different policies. Are you presently working with a Realtor? If you send me an email with the specifics, I can help you come up with an offer price.

I've seen banks accept HALF of the value before, you just never know...plus, they can counter your offer if it's too low.
0 votes Thank Flag Link Fri Sep 5, 2008
It depends upon whether the property is owned by a bank (private), HUD, Freddie Mac, Fannie Mae or a Veterans loan. The last 4 have a "threshhold" that they require be met on their net proceeds, anywhere from 5% to 20% of list price. What kind of foreclosure is it?
Web Reference: http://www.TNHomeSite.com
0 votes Thank Flag Link Fri Aug 29, 2008
When forming an offer for any home it is important to have good compareables of what has sold in the last 6 months in the same subdivision or less than 1 mile if in a city area. The bank usually has all this information updated on a routine basis they use it when countering or for price reduction . Get that information from your agent or consult one ,the list agent represents the bank not you and as such should try to get a higher price for their seller l
Web Reference: http://margaretrodgers.com
0 votes Thank Flag Link Fri Aug 29, 2008
When you're dealing with a bank, their idea of "overpriced" vs your opinion of overpriced can be drastically different. They will typically be more flexible on price based on days on market. The best thing for you to do is put in the offer you feel best about and see what happens.
0 votes Thank Flag Link Thu Aug 28, 2008
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