If a home is on foreclosure can an offer be made or is the selling price the lowest the bank will go?

Asked by Marta Muniz, 33144 Fri Apr 2, 2010

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Karen Pawlak, Agent, Arlington Heights, IL
Fri Apr 2, 2010
Everything in life is negotiable.
0 votes
Randell Simp…, Agent, Miami, FL
Fri Apr 2, 2010
If the property is "foreclosed", meaning the bank now owns the property, then an offer can be made. The health of local market where the property is located will determine the flexibility of the property owner, in this case the bank. In many markets, the bank will not look at anything other than a cash offer, and in many cases offers in excess of the listed price are very common. You would be best advised by a local Realtor.
0 votes
ANDREW OLLICK, Agent, NAPLES, FL
Fri Apr 2, 2010
An offer can be made on any sales. The question is will they accept it?
Most of the time the bank WILL entertain a lower offer, unless it's a multiple offer situation and in that case the bank will accept the highest net price.

Elena Ollick
Amerivest Realty
Faith Home Loans
239-206-4500
800-801-6080
eo@oceanhomesrealty.com
skype: napleshomes
Get Pre-Approved: http://www.faithhomeloans.com/express.html
0 votes
Anna M Brocco, Agent, Williston Park, NY
Fri Apr 2, 2010
Keep in mind that banks are looking to get as much money back as possible--you can make whatever offer you wish, though not guaranteed it will be accepted---be informed--look at recently sold similar properties in the immediate area--factor in expensive repairs if any and make a determination as to a fair offer, generally banks accept the best offer with the best terms. Keep in mind that if a property is priced on target or slightly below today's market multiple offers may come to play.
0 votes
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