are foreclosures or bank owned properties negotiable. If so is 10 to 20% below asking price possible in this m

Asked by Mike Derrico, Weston, FL Sat Aug 16, 2008

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Susan J Penn,…, Agent, Weston, FL
Tue Mar 12, 2013
Foreclosures are negotiable depending on the location, condition of the property, although price is a big determining factor in obtaining the sale. In South Florida the amount of cash buyers is tremendous. We are now in 2013 and supply is very limited.

Being on a Wells Fargo foreclosure team for 3 years has taught me quite a bit of information.

Susan Penn, PA, SFR
Esslinger-Wooten-Maxwell Inc
http://www.susanpenn.com
2000 Main Street
Weston, FL 33326
954-557-5993
E-mail: penn.s@ewm.com
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Terry Farnsw…, Agent, Lisle, IL
Tue Mar 12, 2013
Price is always negotiable - how much so depends on your local market conditions, and the other terms you are offering (closing date, financing, etc.).

Many foreclosures have the discount already "built in" to the asking price, often sell for 95% or more of list, and sometimes for over if there are multiple offers. You'll want to hire a professional to run a CMA of the property to see if it's price is line with the rest of the area. This will give you a better answer as to if the lender is going to be more willing to negotiate.

If the property is priced under market already - they likely won't even look at an additional reduction of 10-20%.
0 votes
The Stephen…, Agent, Portland, OR
Tue Mar 12, 2013
Yes they always are. Generally banks do not consider "low ball" offers, they gradually decrease the price over time and are very patient. If the price isn't what you want it for now, generally the best advice is to wait.
0 votes
Luis E. Loza…, Agent, Weston, FL
Fri Dec 24, 2010
Prices of properties in foreclosure are evaluated by a professional in the area, it is unlikely that this price by 10% to 20% BELOW. PROPERTY IS A SEPARATE EVENT TO THE OTHER, LOOKING FOR A REALTOR IN THE AREA HE CAN MAKE A GOOD CMA
0 votes
Benny Smith, Agent, Pittsburgh, PA
Wed Sep 29, 2010
In fact any price is possible, but it comes down to what a resonable buyer is willing to pay. To often we are looking for a rule of thumb to make offers and let me make this clear. There is no rule of thumb on what any seller will take and that includes banks.
0 votes
Susan J Penn,…, Agent, Weston, FL
Fri Jan 15, 2010
Every property is negotiable, even foreclosures. You need to know your comparables and the condition of the home. Usually the lenders of the foreclosures have taking these considerations into their pricing, as these properties had had broker price opinions helping them decide on the correct price to list a home and are on target. The beauty of a foreclosure, is if your bid is taken, you have purchased a property in a realtively short duration of time. The problem with foreclosures is due to the lack of inventory the foreclosures are receiving multiple offers.

According to your information Mike, you are a Weston home buyer and most of the Weston homes that are foreclosures are in pretty good shape.
0 votes
Scott Godzyk, Agent, Manchester, NH
Sat Aug 16, 2008
each property and lender are judges individual, there is no set limit on what they will or wont take. timing and a good offer with no contingincies is the key. Include a pre-approval letter, a good deposit of at least 1 % of the sales price, no contincies.... do not ask them to fix anything (they wont and your offer will be rejected). do all of your due dilligence before, have any inspections done before you make an offer as you are buying it as is. Lastly be ready to close in 30 days or less. Having these items will help you to get a better price on a home.
Web Reference:  http://www.ScottSellsNH.com
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