My partner and I are considering a brand new bank owned home. The bank has owned it since 12/2008 but the

Asked by Rose, Wisconsin Tue Apr 7, 2009

home has been on the market since Jan 2008, how should we negotiate this? The home does not have a finished driveway, no grass, and the porch is halfway done. The area is also in a high unemployment rate area.

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Staci Howe S…, , Janesville, WI
Thu Apr 9, 2009
Rose, if you have not yet contacted an agent to assist you with this property, I would be happy to assist you. You may contact me through my web site, Thank you.
0 votes
Keith Manson-…, , Milwaukee, WI
Wed Apr 8, 2009
Get a buyer agent, an inspector and documentation to show you have a credit line or pre approval together. The get your buyers agent review the comparables to review the market value. Determine how much you want this property to meet your needs and how much you really want this property compared how much you are hoping to steal the property. What tends with banks is they test the market for the first 90 to 120 days and then the list price starts dropping, until they create a demand and likely multiple offers bring the price up, sometimes more then it may of been listed.

It is best to make a non contengent cash offer before the bank starts reducing the price.
Good Luck!
0 votes
blaison samu…, Agent, Santa Clara, CA
Tue Apr 7, 2009

My advice is to contact a local agent who can represent you as your buyer's agent who can check the fair market value and give suggestion on price range to write an offer for this house. In that you will get a chance to get that home you like, have someone to protect you from the bad deal. Don't go alone or with the listing agent. Good luck!

Blaison Samuel
Certified Short Sale Specialist
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