Foreclosures and Bank Owned homes are selling for 99.7% of list price according to the most recent statistics. That means some are going for less than list price but also many are being sold above list price during bidding wars. The best bank owned and foreclosure homes have bidding wars. Out of the last 10 offers we made on foreclosures, 8 of them became bidding wars. We are close to the bottom of the market and everyone who has been sitting on the fence watching is now jumping in all at the same time. Everyone wants the same great foreclosure deal. What to offer for a home depends on MANY factors, but in general, unless the foreclosure has been on the market more than 30 days, it is unrealistic to make an offer less than 5% off of list price.
We would be pleased to assist you in negotiating with the Freddie Mac. Feel free to contact us through our website.
Marc Brodeur, Grayhawk Scottsdale Specialist