Is there any leeway at all with the prices of foreclosed homes, or is the price on them what you have to pay?

Asked by Bastied, Carroll Park, Philadelphia, PA Sat Jan 22, 2011

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Ray And Karen…, Agent, Mount Dora, FL
Sat Jan 22, 2011

This was discussed in my office with an REO expert of over ten years.

IF the property has been on the market more than 90 days they can be very motivated to "get if off the books"

If the property is hot less than 30 days they are looking at highest and best offer.

I remind buyers that an offer rejected to day could be an offer accepted tomorrow.

Just keep trying and be reasonable with your offers.

That's the insider scoop :)
1 vote
Keith J. Law…, Agent, Philadelphia, PA
Tue Feb 1, 2011
Hello Bastied,

The purchase price can always be negotiated. It depends on the property and its value and location. Sometimes a bank my have it priced low and their could be multiple offers in on it, in which case the bank will tell the agents to have their clients submit their highest and best offer. If a property has been sitting on the market the bank may be happy to get an offer and will review any offers presented. This is why you should contact a Realtor that is experienced and get you the best deal possible.

Feel free to give me a call, I will be happy to answer any questions you may have.

Warm Regards,

Keith J. Lawson
RE/MAX Affiliates N.E.
9237 Frankford Ave.
Phila, PA 19114
267-688-1110 (cell)
215-992-5534 (office) (email) (web)
Member- N.A.R.,P.A.R.,G.P.A.R
Member - AREAA Philadelphia Metro
0 votes
Bruce Lang, Agent, Philadelphia, PA
Wed Jan 26, 2011
You may wish to ask if there has been a broker opinion yet or an appraisal. You can make offers. Keep in mind bank owned are much easier to buy that short sales. Once you are dealing with roe/bank owned property the ability to quickly close a deal is there. I always caution buyers don't look at the discount you get, look at the value you are getting. Dollars off doesn't always mean best deal. Sometimes best deal is full price.
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Eileen Gray, , Philadelphia County, PA
Sat Jan 22, 2011
Dear Buyer:

Didn't you ever hear that everything is negotiable in real estate. I have sold many HUD homes (FHA) foreclures, short sales, and bank owned. All of them have something in common. My buyers never paid what the asking price was. There are some really good deals out there right now concerning forecloures. If you have any interest in seeing some foreclosures, please feel free to get in touch with me. I enjoy getting good deals in the foreclosure market for my clients. Good luck in your search.

Eileen Gray
Century 21 Alliance
0 votes
Jesse Buckler, Agent, New York, NY
Sat Jan 22, 2011
It really can depend upon the strength of the buyer and the porfolio of the bank.
The negtiation process can be drawnout.
0 votes
Scott Hutchi…, Agent, Lakeville, MN
Sat Jan 22, 2011

If there are no other offers, price will be negotiable. If there are other offers and/or the property was just listed, you will not have too much leeway. If I was you, I would learn the market so that you understand value/a deal, and go from will then notive "asking price" does not really mean too much.

Best of luck!

Scott Hutchinson
Edina Realty
C: 612 396-0692
0 votes
Timothy Garr…, Agent, Philadelphia, PA
Sat Jan 22, 2011
Hi, Bastied.

The simplest way to answer you question is, yes. No matter what type of situation you're dealing with, real estate is always negotiable.

Please let me know if you have any more questions.

Good luck!


Timothy M. Garrity | Brown McKinney Real Estate, Co.
Real Estate Professional & Consultant Email| Website
215-825-2250 x 1007 Office | 267-879-2716 Mobile | 267-318-7004 Fax
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Edmund Choi, Agent, Paoli, PA
Sat Jan 22, 2011
When negotiating real estate purchases, even REO's, it's a function of what a buyer is willing to pay and what a seller is willing to take (supply & demand). Having said that, with the "stigma" attached, it has been my experience that they sell for less than market value, except for those few opportunities that are truly exceptional, i.e. price, features, location, in which a bidding war may occur. Banks are interested in unloading these non-performing assets within 90 days and have internal procedures in place to facilitate these sales. Good Hunting!
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