How to make an offer on a bank owned property ?

Asked by Rachelk07, New York, NY Fri Jul 11, 2008

what is a good starting point to offer a bank on a bank owned property that was on the market for $399,000 in newark NJ?

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7
Gina Chirico, Agent, Fairfield, NJ
Fri Jul 11, 2008
Rachelk07,

I'm assuming you've seen the property - so did your agent take you to see it? If so, they should advise you on some recent sold comps and depending on the condition of the house, you should be able to write up an educated offer that should start negotiations moving. Banks are in the business of owning houses and in a multiple offer situation (not saying this one will be) they tend to look for highest offer with the best terms. If the house has been sitting a while and no offers are coming in - the above factors may not hold as much importance but remember the bank is most likely taking a loss either way and most times bank owned properties will be sold in as is condition. So if for some reason you have not seen the inside of this house - make sure you do before you write up an offer. Foreclosed houses are not always in the best shape.

Good luck. If you don't have any agent, please feel free to contact me directly.

Gina Chirico, Sales Associate
Prudential New Jersey Properties
973-239-7700 ext 132
GinaChirico@PruNewJersey.com
1 vote
G Alexander, , New Jersey
Sun Jan 23, 2011
you should know there are very few houses in Newark that sell for $399,000. Thats a high price point for Newark
0 votes
G Alexander, , New Jersey
Sun Jan 23, 2011
Call the agent and make an offer. Be careful
0 votes
Sam Rasain, , Salt Lake City, UT
Mon Oct 4, 2010
You can go direct to the listing agent or you can see which bank is handeling the asset. For example reoprep.com has a buyer program where you can have direct access to a foreclosure property and agent to save time and money. Just a thought. Here is the link.
Web Reference:  http://www.reoprep.com
0 votes
Laura Gianno…, Agent, Manahawkin, NJ
Fri Jul 11, 2008
These answers are great! As Gina said if you haven't seen the property, do it now. Usually a bank will list properties on the MLS. If it is not listed, contact the bank and get a Realtor, some one with the information you need to help you present a viable offer.
0 votes
Marc Paolella, Agent, Succasunna, NJ
Fri Jul 11, 2008
Hi Rachel,

Is the home a single family dwelling or a multi-family dwelling? The amount of inventory in Newark right now is staggering and if it's a 2-family, your offer should be very aggressive. If you can PM me with the address of the property I'll give you further guidance. I'll be in Newark today appraising a couple of foreclosures so if you want I'll rake a ride by.

-Marc
Web Reference:  http://www.marcpaolella.com
0 votes
Joan Prout, , Basking Ridge, NJ
Fri Jul 11, 2008
Use a REALTOR. He or she will be able to give you comparable values and represent you in your offer. If you need a referral to an agent, let me know. I don't personally handle Newark, but I can put you in touch with an agent who does.

Joan Prout, MBA
Broker Associate
RE/MAX Villa REALTORS
Jersey City, NJ
mailto:Joan@JoanProut.com
800-671-0596x1
Web Reference:  http://www.JoanProut.com
0 votes
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