What that house will sell for, depends on the house. It has been my experience some houses are priced below what they will sell for, they may receive may offers over the asking price, and others are over priced and will sell for much lower than the asking price. Depending on the house, location, condition, etc... As well as who the seller is. Keep in mind, not all foreclosures are able to get a loan on them. Some may be cash offers only, due to the condition of the home.
If you are working with an agent, he/she should be able to advise you as to what a good offer is and what to expect during the buying process. If you are not already working with a knowlegable agent, feel free to give me a call. I have been working with foreclsoures for over 13 years. I would be glad to assist you with the process.
Call me at 219-746-4098 or email me at firstname.lastname@example.org
Hope this helps! Debbie Hemphill
1. How long has the property been on the market?
The longer it's been on the better your shot of getting it lower. Typically banks will not go below or even answer offers below 7% list price.
2. Are there multiple offers?
If you go up against other people you may get out bid.
3. What are the comps in the area. It doesn't matter what the list price is or what others are offering in a multiple offer situation even the home isn't worth it in the first place.
Find an experienced agent with good connections and they should guide you to a winning bid that works for you and the bank. Good Luck.
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
you can offer anything you want. some banks will bend and some won't. since their are alot of foreclosures in your area, this might work in your favor. i would offer $100,000 and go from there.
they probably will not pay for repairs and closing costs, but you can try.