The answer likely is not so simple as $xx,xxxx.00
Depending on if the property has been listed for a while and the current price is $44,000, that is one thing, but if it is a new listing then how long the property has been listed, as it may be slated for owner-occupant bidders first since HUD is a federal department whose goal is to promote homeownership.
Of course, if the price of $44,000 is a good price, then it may be in your best interest to act quickly by working with a Realtor familiar with foreclosed properties and get a contract written up while getting your mortgage approval taken care of. Of course, if the property needs work, then you may be dealing with a FHA 203b type loan. Depending on how familiar you are with the area, you may already have a CMA from a Realtor
Additionally, if you have the opportunity to work with any HUD or Fannie Mae / Freddie Mac listing agents who are directly representing these entities, they will let you know that there are some specific formulas that the agencies like to follow. Namely, they are looking for offers that are close to the list price (definitely within 10%), if the property has been listed for a while, then the band (or discount to list price) can open up to 20%.
If you have the opportunity, you may choose to reach out to the listing agent directly, but will likely be met with the request of who is representing you in the transactions....so it then comes back to a Realtor.
Federal agencies which are selling off their foreclosed inventory don't tend to firesale properties like individual banks sometimes do.
Hope this helps.
Nobody can really answer that question. Another buyer may swoop in and pay full price while you are trying to find out how low you can go. Unfortunately that happens all the time. If you $30,000 is your maximum price without taking out a loan submit an offer. If the property has been on the market for a while they will most likely at least consider the offer or counter at the very least.
Have your Agent pull the comps so you know what the home is actually worth... then you need to make a judgement call. Would you be upset if you lost the property if somebody came in and offered more before you got the chance? Nobody can say for certain what a bank will take... not even your Agent. Every foreclosures or short sale stands on its own and there are no hard and fast rules. In the end the only rule that can be applied is the bank wants to get as close to market value as it can in the shortest period of time. Do your homework to ensure you get the best deal you possibly can without losing it to a more savvy investor.
Best of luck to you.
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Good luck my friend, let me know if I can help you!
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