Would a bank take a offer lower than what they are asking for?

Asked by Keri Rourke, Pelham, NH Mon Nov 5, 2012

The house is owned by a bank and asking for 309,990 and don't know if they would except an offer for 290,000.

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Scott Godzyk, Agent, Manchester, NH
Tue Nov 6, 2012
There is not a set discount a bank will take. It depends on how long the home has been on the market and what the condition is. Each bank has their own terms what they will consider and what they dont. The best bet is to assess what a property is worth in todays market and then make a realistic offer. I must note that banks do not just look at price. They will look at terms such as cash or if you are getting a mortgage, what type of mortgage, how long you put to close and any contingincies you add such as inspections. A lower price offer without any contingincies is better than a higher priced offer loaded with them. Have a good agent to assist you is a must. If you need assistance in buying please feel free to contact me.
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Virginia Kaz…, Agent, Hudson, NH
Mon Nov 5, 2012
Typically banks are looking for an offer within 10% of list price or less for higher priced homes such as this. If there are no other offers the bank will negotiate just like a regular seller with counter offers to your offer. All depends on how much activity the house has had, what repairs it needs and if there is any other current interest in the property. If there are other offers on the property it will more than likely sell for full list price or higher. I work in the local area and have worked on several bank properties where the buyer has come in lower than list price and received an agreed contract when there were no other offers.

If you have any further questiions please feel free to contact me directly. Thanks!

Virginia Gregory
Harmony Real Estate, Inc
2 Winnhaven Drive
Hudson NH 03051
(603) 620-3428 Cell
(603) 883-8840 X12 Office
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Anna M Brocco, Agent, Williston Park, NY
Mon Nov 5, 2012
Depends...in order to determine a fair offer review comps with your agent, recently sold similar properties in the immediate area, see what the data suggests and go from there....
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Jason Duval, Agent, Nashua, NH
Mon Nov 5, 2012
Hi Kerry,

I work with many banks and can tell you that most banks have room to negotiate. The amount they are willing to negotiate is often decided by any number of factors. If you are considering placing an offer on any property, I highly recommend that you utilize an agent that will work for YOU on your behalf. If you are not currently working with an agent, feel free to contact me directly and we can take a look at what price and terms would work best for you and your family. I can put my years of knowledge and experience to work for you at no cost to you.

Jason G Duval, Realtor, CRS, ePRO
Licensed Broker in NH & MA
Keller Williams Realty
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Lise Tremblay, Agent, Nashua, NH
Mon Nov 5, 2012
The answer to this question depends on many things. It is possible. How long it has been on the market, type of financing, if there are other offers ect... Call me if you would like to discuss.

Have a wonderful day!!

603 377-07671
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Michael Cheng, Agent, San Jose, CA
Mon Nov 5, 2012
Nobody can know whether a bank would accept an offer lower than asking. Many factors come in to play. If you have no competition and the property has been sitting on the market for a couple of months, then you have a reasonable shot. Depending on how much you like the house, discuss with your Realtor on the price you should offer.
Web Reference:  http://www.archershomes.com
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